However, according to a crypto capital manager, once Ethereum reached its former peak, the altcoin will “double” within “two weeks”. Here’s what that could look like as the top ranking altcoin is following in the footsteps of the top ranked cryptocurrency in general.
Ethereum Bulls drool over record breaking spike, but ATH has yet to be touched
In 2017, both Bitcoin and Ethereum together saw a thunderous rise and captured the lion’s share of the cryptocurrency market capital.
Bitcoin as the main asset and first mover carried the industry on its back Ethereum acted as the foundation for which the future of the industry was built.
Many of the first projects born at the time were useless because they were or outright scam. But those who survived the frigid crypto winter and thaw are now also getting warm again.
In addition, the entire alt market will be double digit profit every day.
– Simon Dedic (@scoinaldo) January 14, 2021
But that won’t take long, said Simon Dedic, Moonrock Capital’s Managing Partner. Dedic claims that, as with Bitcoin, once bulls manage to break the past high of $ 1,400, the cryptocurrency will “double” to over $ 3,000 in less than “two weeks”.
Here's what Ethereum doubling in price in two weeks would look like | Source: ETHUSD on TradingView.com
Here’s Ether’s path to doubled prices in less than two weeks
A move of that magnitude may sound unlikely after the asset traded below its past high for three full years, but the FOMO that arrived as Bitcoin sidestepped its past peak is the only necessary example. Option contracts on the altcoin reaching more than $ 10,000 by the end of 2021 also bodes well for the trending asset.
The chart above shows what such a breakout could look like, with Ethereum exceeding its former high and doubling to around $ 3,000 in a flash. Bitcoin price action placed behind ETHUSD could provide clues for the trajectory that the altcoin could take.
Related reading | Ethereum Options Contract Hints At Altcoin Closing In 2021 Over $ 10K
If you don’t get past the asset’s former record high here, it could be disastrous and Bitcoin’s dominance would continue to favor. BTC about alts in the near future.
And because so many altcoins are built on Ethereum, all eyes are up altcoin to see if it can bring the rest of the asset class back to past record highs, or if they continue to live under Bitcoin’s rule.
Featured image from Deposit Photos, Charts from TradingView.com