Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital

2021-5-15 17:38

Ether has enjoyed an explosive rally when Bitcoin’s weakness dragged it down from an all-time high of $4,380 to about $3,520 this week.

As of writing, ETH/USD has been trading at around $3,900.

The latest ATH was up more than 208% from the 2017 peak of $1,420 and represents over 4,766% uptrend from March 2020 low, which saw ETH crashing to about $90.

This has been an amazing run-up that helped ETH achieve a three-year high against Bitcoin as well at 0.082 BTC with resistance present around 0.085, clearing which will provide a ground to run to next resistance around 0.105 BTC. At $50k per Bitcoin, this will mean Ether price at $5,250.

Currently, Ether’s market cap is about half of Bitcoin’s and all the latest catalysts have the market anticipating a flippining, although how sustained it will be is anyone’s guess. Trader CL of eGirl Crypto says,

“ETH to 4K remain the most under-longed major move in crypto I have seen since Bitcoin 10>20K.”

“ETH denom'd open interest at lower ends of its entire history, I also think this is the first time ever ETH has seen this prolonged bullish divergence between price and quarterlies basis. Maybe another time was covid recovery where price went up and basis unchained, but here basis is literally dropping.”

And this is why, according to CL, Ether might not be close to its local top.

In less than a month, Ether has more than doubled as it attracts institutional interest, and the “deflationary asset” narrative gains traction with EIP 1559 coming in July with the London hard fork. Pantera Capital in its monthly investor note wrote,

“We think this is the beginning of the market re-rating Ethereum for EIP 1559 and Proof of Stake. These two changes will lead to ethereum being a deflationary asset where each block negative ethereum are issued. This means ETH will be a more deflationary asset than bitcoin.”

The venture capital firm also points to the massive ecosystem of decentralized finance (DeFi) use cases and rapidly growing adoption as the reason for Ether to “keep gaining market share relative to Bitcoin.”

Bitcoin BTC $ 47 760.70 -5.92% Ethereum ETH $ 3 737.25 -9.22% Binance Coin BNB $ 570.69 -5.96% The post Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital first appeared on BitcoinExchangeGuide.

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Источник: bitcoinexchangeguide.com

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