Ethereum (ETH) Showing Strength Over Bitcoin (BTC), Will It Outperform Once Again in 2022?
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The world’s second-largest cryptocurrency Ethereum (ETH) has been an outperformer throughout 2021 ending the last year with a solid 250% return. Once again ETH has managed to outperform its top rival BTC by a great margin.
While the crypto market has been consolidating over the last week and so, Ethereum seems to be once again showing strength over Bitcoin. Based on the technical charts, popular crypto analyst Michaël van de Poppe writes:
Ethereum is showing more strength than Bitcoin at this point. A beautiful retest of that region around $3,500, which should be enough for this correction. Clear confirmation = break above $4,100.
Many analysts had given $10K price targets for Ethereum by the end of 2021. However, that didn’t materialize. But this hasn’t stopped analysts from being bullish about Ethereum going into 2022.
Many analysts believe that Ethereum can still achieve this milestone and even higher ahead this year. Continuing with his bullish stand on Ethereum Poppe notes that the goal should be to outperform Ethereum and not Bitcoin, for other competitors.
Shark Tank’s Kevin O’Leary Bets Big on Ethereum
In an interview with Forbes last week, Shark Tank’s Kevin O’Leary said that he views “the entire crypto industry as software development teams”. Thus, he continues to be more bullish on Ethereum than over Bitcoin. O’Leary noted:
Ether is my largest position, bigger than bitcoin. It’s because so many of the financial services and transactions are occurring on it. Even new software is being developed like Polygon that consolidates transactions and reduces the overall cost in terms of gas fees on Ethereum.
Well, Ethereum is also heading for a massive upgrade this year to the Proof-of-Stake (PoS) blockchain platform. This will exponentially increase the Ethereum network capabilities making it more scalable and cost-effective in terms of gas fees. It will be interesting to see which other Ethereum Layer-1 competitors gain traction going ahead.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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