If Bitcoin follows Ethereum’s performance this 2021, its price could reach $100,000.
Bloomberg Intelligence’s Senior Commodity Strategist, Mike McGlone, gave his opinion on the price of BTC on the social network of crypto-lovers.
Ethereum in 2021 Is Bitcoin Guidance for $100,000: Flippening? If #Bitcoin were to catch up to #Ethereum's performance this year, the No. 1 crypto's price would approach $100,000. Though we see Bitcoin on that path, there appears little can stop the process of Ethereum flippening pic.twitter.com/7JKFe60JyZ
— Mike McGlone (@mikemcglone11) August 9, 2021
“Ethereum in 2021 Is Bitcoin Guidance for $100,000: Flippening? If Bitcoin were to catch up to Ethereum’s performance this year, the No. 1 crypto’s price would approach $100,000. Though we see Bitcoin on that path, there appears little can stop the process of Ethereum flippening”.
Analysis of ETH’s price surge in 2021 has seen significantly higher numbers than that of BTC. In fact, in the last 24 hours alone, ETH has traded 5.26% higher at $3,111.67, while BTC is 4.93% higher at $45,701.24.
On a yearly basis, it was also calculated that ETH gained 323.57%, compared to BTC’s 58.27%. Ethereum is growing at more than 5 times the rate of Bitcoin.
Although BTC’s total market capitalization to date (over $850 billion) is more than double that of ETH (over $350 billion), the growth rate of the smart contract crypto par excellence in 2021 is impressive, to say the least.
Bitcoin (BTC) at $100,000 with Ethereum’s performance
Bitcoin at $100,000 if it had the same performance as Ethereum. But what is this 2021 performance?
Ethereum is the first blockchain to achieve great recognition in the Decentralized Finance (DeFi) and collectible tokens (NFT) market that literally exploded between 2020 and 2021.
Not only that, updates to its blockchain such as the latest London hard-fork last week, are often appreciated by the community and market, with the associated price pump.
Bitcoin, on the other hand, is the crypto of big investors. The volume of on-chain BTC transactions is in excess of $1 million. The performance of the queen of cryptocurrencies lies in the increase in this type of transaction from 30% to 70% since September 2020.
Basically, the growth rate of BTC and ETH is different precisely because of the usability of the two crypto assets and the intentions of those who own them. While bitcoiners might be high-volume accumulators and holders, ETH users are broad-based traders, ready to enter emerging crypto submarkets.