Ethereum has been a scorching topic in the past few weeks. Especially after its price surpassed $3000 and made its creator Vitalik Buterin the youngest self-made crypto billionaire at the age of 27.
Last week Ethereum dominance was 15.7% of the whole crypto market, and in one week, it has reached market dominance of 19%. Ethereum dominance will probably reach 20-25% before market correction and a short-term slowdown.
At the beginning of last week, Ethereum price surpassed $3000 and it started this week by surpassing $4000, which makes investors and analysts wonder if Ethereum is going to surpass Bitcoin dominance, market cap and even price?
Bloomberg Intelligence Senior Commodity strategist Mike McGlone wrote in his latest report that bitcoin (digital gold) had crossed the Rubicon of legitimization, while Ethereum has won the adoption battle.
McGlone also thought that Ethereum might be on an upward path like bitcoin was back in 2017. If a similar price-path takes action, Ethereum might reach $19 000 in 2021.
JPMorgan, one of the most influential investment bank, expressed their belief that Ethereum is going to keep outperforming the world's number one crypto and the bank gave three reasons why Ethereum is outperforming bitcoin:
Ethereum started last week with $2886 and at the beginning of last week strongly surpassed the $3000 level. In the second half of the previous week, ETH price surged to $3600, where a new resistance level was formed for a short while. At the end of last week, ETH price moved higher once again, and the resistance became a support level.
This week also started strong for Ethereum when the cryptocurrency surpassed $4000. ETH price is extremely bullish. All technical indicators are showing a continuous bull market for Ethereum.
Ethereum price is not showing any indication of slowing down. We can probably see short-term corrections, but we can expect the price to move even higher until the price is trading inside the bullish channel.
Ethereum adoption is still in the beginning, and the fundamental analysis also speaks in favor of Ethereum.
Disclaimer: This article is for informational purposes only and is not intended as an investment recommendation. Change is not responsible for decisions made based on this information. All investments involve risks, and all investment decisions are entirely at your own risk. The past and future performance of the asset class and the above financial ratios should not be considered a promise or indicator of future returns.