Forex Analysis & Reviews: 31.05.2021 - Ether will surpass Bitcoin...

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31.05.2021 03:44 PM

Ether will surpass Bitcoin soon

There has been growing talk in the cryptocurrency community recently about the capitalization of ether and bitcoin. Many altcoin supporters say that it will surpass the world's first cryptocurrency, and there are a number of reasons for this, which we will discuss in this article. Indeed, demand for ether is gradually increasing, while confidence in bitcoin has been undermined among investors since the largest market drop in May this year.

The relative stability of ether in the overall cryptocurrency flow has once again drawn attention to the idea that the second-largest digital token could one day overtake bitcoin in market value. Bitcoin is currently more than twice the size of ether, but the gap has narrowed by about $350 billion after the biggest sell-off seen in the middle of this month. While bitcoin showed the worst drop in its history, the sale of ether was not as large as many feared. This suggests that investors are seriously reviewing their attitude to this trading instrument, especially given its recent growth.

Fans of the ether refer to the popularity of the altcoin and its platform for creating decentralized online services based on the blockchain, working on the basis of smart contracts. This platform also gave life to DeFi services. An important advantage is that the ether does not stand still, and constant updates and increasing the efficiency of the network can allow it to become the number one in the field of cryptocurrencies very soon. Innovations are not taken away from the air. Soon, an update is expected that will increase the efficiency of the platform, make it faster and reduce fees.

Ether is likely to surpass bitcoin at some point in the future as it will be better and faster as it is filled with innovation and is of significant interest to developers," said Tegan Kline, co-founder of Edge & Node, a blockchain software company.

Even Cathie Wood, who hasn't quite decided on which side to take along with experts from Goldman Sachs Group Inc., recently also highlighted the potential of ether. In a broader sense, interest in virtual currencies has long gone beyond bitcoin alone, whose share of $1.6 trillion in the total cryptocurrency value has dropped to 42% from about 70% in early 2021.

As I noted above, in a recent Goldman Sachs report, one pundit wrote that bitcoin's pioneering advantage seems fragile, adding that there is a high likelihood that it will eventually lose its crown as the dominant digital store of value in favor of another cryptocurrency, with a higher value. In this regard, ether is the most likely candidate to outperform bitcoin.

Another advantage of ether is that its annual emissions are limited, which allows us to consider it as a store of value. A shortage of ether with a gradual increase in demand will also push prices to new highs.

As for the technical picture of ETH, a clear corridor has been drawn in which the altcoin is trying to consolidate its positions after the largest sale from the level of 4,300. As long as trading is carried out above the level of 2,260, we can talk about the accumulation of positions by large buyers. Their more active actions will become noticeable in the event of a breakout of the resistance of 2,900, which will open a direct road to a maximum of 3,400. If the pressure on ether increases and we see a breakthrough of support at 2,260 again, then most likely, at the level of 1,750 there will be only a temporary stop in ether. More active buyers will postpone their return to the market to the level of 1,540, which I advise you to focus on in the event of a decline in the trading instrument.

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*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.