ETH.D closing in on BTC.D! Will the flippening happen in 2021?
Updated
Back in May 2017, Ethereum first hit 20% Dominance and Bitcoin's Dominance fell to around 40%. After that, Ethereum had an explosive 1500%+ move towards the end of the bull market.
Back then Ethereum's main and perhaps only use case was that it's home to Initial Coin Offerings (ICOs). The ICO fever even caused ETH dominance to get to as high as 32%+ and BTC to as low as around 39% around June of 2017.
Now, Ethereum has become more than just an ICO platform. It is the incumbent home to most of DeFi and NFTs which arguably are better use cases compared to just ICOs.
ETH's dominance is steadily trying to get back to near 20% and got as high as 17% last February, whereas BTC's dominance has been on a slow but steady decline ever since the start of the year and is now barely hanging on to 50%.
The questions now are, will we see another explosive 1500%+ upside move for Ethereum? and will Ethereum finally flip Bitcoin this time?
Of course I do not know for sure, but I can only guess that if DeFi and NFT are as impactful as the community deems it, it should at least narrow the dominance gap to as close as the last bullrun or even closer. Another 1000%+ upside move should not be impossible for Ethereum if that ever happens. I do not expect it to fully flip Bitcoin out of the no. 1 spot though, although it would be interesting to see it do so.
Given how strongly Ethereum held on so far in this recent market correction, I expect this to be the start of the dominance gap narrowing. As for my target price, I expect Ethereum to at least hit $10,000 by the end of the year. Of course, that's assuming we don't top out before then and also I will have to check the charts along the way and do more TA.
What are your thoughts?
Back then Ethereum's main and perhaps only use case was that it's home to Initial Coin Offerings (ICOs). The ICO fever even caused ETH dominance to get to as high as 32%+ and BTC to as low as around 39% around June of 2017.
Now, Ethereum has become more than just an ICO platform. It is the incumbent home to most of DeFi and NFTs which arguably are better use cases compared to just ICOs.
ETH's dominance is steadily trying to get back to near 20% and got as high as 17% last February, whereas BTC's dominance has been on a slow but steady decline ever since the start of the year and is now barely hanging on to 50%.
The questions now are, will we see another explosive 1500%+ upside move for Ethereum? and will Ethereum finally flip Bitcoin this time?
Of course I do not know for sure, but I can only guess that if DeFi and NFT are as impactful as the community deems it, it should at least narrow the dominance gap to as close as the last bullrun or even closer. Another 1000%+ upside move should not be impossible for Ethereum if that ever happens. I do not expect it to fully flip Bitcoin out of the no. 1 spot though, although it would be interesting to see it do so.
Given how strongly Ethereum held on so far in this recent market correction, I expect this to be the start of the dominance gap narrowing. As for my target price, I expect Ethereum to at least hit $10,000 by the end of the year. Of course, that's assuming we don't top out before then and also I will have to check the charts along the way and do more TA.
What are your thoughts?
Note
Additional Bullish Info:The net annual buy pressure of PoS and EIP-1559 relative to today is greater than the deposit contract and Grayscale holdings combined.
docs.google.com/spreadsheets/d/1TsrdbdusUop4NJbvjGBbOWTUwYH-Jgg1QBkQ5CtY_-k/edit
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ETH consolidating now, but has cut through 3k like knife to butter. We should be in for more ride up in the next few months.Trade closed manually
Hope you bought ETH. I still expect 10k or pretty close to it EOY.
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