Popular analyst Jason Pizzino expects Ethereum and the rest of the altcoin market to prepare for a massive rally, including against Bitcoin. “It looks like the market is gearing up for those mega 37x potential returns for altcoins. ETH/BTC is a bit of a proxy for the altcoin pump,” said Jason Pizzino.
With this he indicates that Ethereum must first rise compared to Bitcoin before the “party” can begin.
Will history repeat itself?
If history repeats itself and ETH/BTC behaves in the same way it did during the 2021 Bitcoin peak, then we can expect a breakout for the trading pair in the coming months, according to Pizzino.
Pizzino’s graph seems to point towards the May-June period for this outbreak.
“The point is that this month we saw a new all-time high for Bitcoin, followed by a month in which the trading pair fell, and now the breakout should follow,” said Pizzino, who mainly looks at the monthly chart for this.
Of course, the question remains to what extent we should attach value to this. After all, who says that there has to be a fixed ratio in the values of Bitcoin and Ethereum?
Bitcoin is 3 times bigger
At the time of writing, we can’t even speak of competition when it comes to Bitcoin and Ethereum.
Bitcoin’s market cap is three times that of Ethereum, at $1.39 trillion versus Ethereum’s $432 billion. Of course, that market cap is gigantic, but Ethereum must first show that it can hold off Solana before it makes a serious attempt to dethrone Bitcoin.
Solana is also getting closer with its $90 billion market cap and is currently extremely popular among people who trade in memecoins.
This can ultimately lead to the start of new projects at Solana. For example, Ethereum’s dominance in the world of smart contract blockchains is currently anything but guaranteed.
Trade €10,000 for free and get a 10 euro bonus
Do you want to enter the crypto world and perhaps buy Ethereum or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.
Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
Source: https://newsbit.nl/topanalist-dit-is-waarom-ethereum-beter-kan-renderen-dan-bitcoin/
