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The price of cryptocurrencies increased over the weekend as bitcoin and Ethereum reached their highest levels in months this week. While Ethereum trades close to the 2022 September highs, Bitcoin nearly reached $27,000, which is its highest level since early June. Both the leading assets of the cryptocurrency industry seem to be performing well.
According to Real Vision CEO Raoul Pal, the technicals and fundamentals of Ethereum (ETH), the second-largest cryptocurrency, indicate that it could significantly outperform Bitcoin (BTC) in the upcoming cycle. Pal claims to be keeping a watch on the Ethereum against Bitcoin (ETH/BTC) chart in a recent interview on the cryptocurrency-focused YouTube channel Altcoin Daily.
According to the macro expert, the ETH/BTC pair is coiling inside a wedge, and a breakout could drive ETH into a surge that puts Bitcoin in second place. According to him, the ETH/BTC pair needs to overcome resistance at about 0.077 BTC ($2,115) in order to verify the breakout.
ETH/BTC is currently trading at 0.0639 BTC ($1,755). On the fundamentals of Ethereum, the Real Vision CEO thinks that the entire addressable market is much larger than Bitcoin’s.
In 2021, a similar forecast that ETH would overtake Bitcoin was made. The explanation given was that Ethereum is a programmable blockchain, which implies that those who possess the necessary technical know-how can use it to trade not only ether tokens but also any other digital asset, including bitcoin. Furthermore, ETH offers the added benefit of being able to sell and buy NFTs.
Following this in 2022, numerous analysts believed that ETH would unquestionably overtake BTC when they heard that the Ethereum Mainnet would merge with the Beacon Chain proof-of-stake system.
However, all of these were just predictions and BTC continues to be the top dog among the crypto assets.