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Report Shows ETH Will Flip Bitcoin In Next 5 Years

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3 months ago

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The recent LP letter from 1confirmation, a crypto investment fund founded by former Coinbase executive Nick Tomaino, made a bold prediction. It anticipates an Ethereum price surge with ETH set to surpass Bitcoin (BTC) in market capitalization within the next five years. However, the short-term analysis suggests turbulence for ETH.

Ethereum Price Set To Skyrocket

The current BTC market cap is approximately $1.26 trillion, which is nearly four times Ethereum valuation of $332.8 billion. However, 1confirmation’s founder firmly believes that this gap will close, with Ether eventually overtaking Bitcoin. “ETH will eventually flip BTC,” the letter states.

They attributed this prediction to the fundamental differences in the use cases and narratives surrounding these two dominant cryptocurrencies. BTC has long been viewed as “digital gold,” a narrative that has found strong support among institutional investors.

However, ETH’s role in the crypto ecosystem goes beyond just being a store of value, which could lead to Ethereum price outperforming BTC. Furthermore, the letter highlights that Ether is the backbone of decentralized applications (dApps) and smart contracts, which are critical components of the decentralized internet. Additionally, 1confirmation describes ETH as “digital oil,” essential for powering the most impactful blockchain in the space.

One of the key drivers behind this anticipated shift is the increased interest from institutional investors. The LP letter emphasizes that while Bitcoin’s narrative is well established, Ethereum offers more diverse opportunities for institutional investment due to its utility. “ETH is scarce, yield-bearing, and useful,” the letter notes.

It also points out that its lower market cap allows Wall Street to accumulate larger positions. This could lead to a more aggressive promotion of ETH’s narrative in the coming years, boosting Ethereum price. This sentiment is supported by the growing total assets under management (AUM) for spot Ethereum ETF.

Although the AUM is currently smaller than Bitcoin, it is expected to rise as institutional demand increases. Earlier, Framework Ventures co-founder Vance Spencer predicted that Ether ETFs will snatch 50% of Bitcoin ETF inflows in the future.

Ether Current Market Performance

In the short term, Ethereum price has shown strong performance, with a 4.5% gain recently. This brings it to a resistance level of $2,800. This recovery is partly attributed to renewed market optimism owing to upcoming Fed rate cut hints by Federal Reserve Chair Jerome Powell.

However, ETH price is influenced by various factors, including significant transactions by large holders. The Ethereum Foundation recently transferred 35,000 ETH, valued at approximately $94.07 million, to the Kraken exchange. This move was undertaken to liquidate ETH assets for operational costs.

While large-scale selling typically exerts bearish pressure on the market, Ethereum price has remained resilient above the $2,700 mark. This suggests strong underlying support, according to the latest Ether price analysis by Coingape.

Ethereum PriceEthereum Price
ETH/USD Chart, Source: TradingView

According to Farside UK data, U.S. spot Ethereum ETFs saw $44.5 million outflows this week. Despite these outflows, ETH price rebounded sharply from a recent low of $2,112 to $2,760, representing a 30% increase over the past three weeks. This rally, coupled with a downtick in the Average Directional Index (ADX), indicates that bearish momentum is waning. Hence, it potentially paves the way for further gains.

Other Predictions By 1confirmation

The LP letter from 1confirmation not only predicts Ethereum price surge and market cap dominance but also suggests that the crypto ecosystem is poised for significant evolution. The firm sees potential in emerging sectors like prediction markets, which it believes could be a breakout use case.

In addition, it foresees the resurgence of DeFi and non-fungible tokens. Additionally, the development of new applications on Ethereum Layer 2 (L2) and Layer 3 (L3) solutions is expected to drive innovation and attract more users to the platform.

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Kritika Mehta

Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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.





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BTC and Major Altcoins Pullback, SAND Soars 60%

Published

3 hours ago

on

November 25, 2024

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The crypto prices today have triggered global investor speculations as Bitcoin (BTC) and major altcoins showed weakening price trends. Meanwhile, The Sandbox (SAND) and Decentraland (MANA) emerged as top gainers. The selloff is likely due to Bitcoin pullback.

The global crypto market value dropped 2% to $3.3 trillion, while total market volume declined 5%, now at $200 billion. Crypto market sentiment dropped to 82 ‘extreme greed’ from 94 last week.

Here’s a quick snapshot of the top cryptocurrencies by market cap and their price movements today, November 25.

Crypto Prices Today: BTC, ETH, SOL, and XRP Drop

Today, the BTC price dropped significantly, briefly hitting $96,000. Similarly, ETH, SOL, and XRP mirrored the trend with declining action. SAND and MANA emerged as the top gainers.

Bitcoin Price Today

BTC prices dropped over 1% in the past 24 hours, currently trading at $97,601. The 24-hour low and high were $95,788 and $98,546, respectively. BTC’s total market cap stands at $1.93 trillion, with a 24-hour trading volume of $52 billion and a market dominance of 58.16%.

Veteran trader Peter Brandt predicted a BTC selloff ahead despite remaining overall optimistic about BTC’s long-term trajectory, sparking market discussions.

Ethereum Price Today

ETH price plunged nearly 3%, currently trading at $3,344. Its 24-hour low and high are $3,288 and $3,435, respectively. With a market cap of $402 billion and a 24-hour trading volume of $28 billion, ETH holds a 12% market dominance, ranking as the second-largest cryptocurrency by market cap.

Solana Price Today

SOL price dropped nearly 4%, currently trading at $250. Its 24-hour low and high are $243 and $259, respectively. With a market cap of $118 billion and a 24-hour trading volume of $5.33 billion, SOL holds a market dominance of 3.58%, ranking as the fourth-largest cryptocurrency by market cap.

XRP Price Today

XRP crypto prices fell by 7% today and currently trading at $1.38. Its 24-hour low and high are $1.30 and $1.49, respectively. With a market cap of $78 billion and a 24-hour trading volume of $12 billion, XRP holds a market dominance of 2.4%, ranking as the 6th largest cryptocurrency by market cap. Moreover, Ripple the company behind XRP, revealed a blueprint to defeat Gary Gensler’s war on crypto.

Meme Coins Performance Today

DOGE price dropped nearly 6% in the last 24 hours, currently trading at $0.4199. Its 24-hour low and high are $0.40 and $0.44, respectively. DOGE has a market cap of $61 billion and a 24-hour trading volume of $11.4 billion.

Similarly, SHIB Inu (SHIB) is currently trading at $0.00002529, down 7% in the last 24 hours. Its 24-hour low and high are $0.00002441 and $0.00002714, respectively. SHIB has a market cap of $15 billion and a 24-hour trading volume of $1.90 billion.

Meanwhile, PEPE, BONK, and FLOKI have all declined by almost 6% to 12% amid the massive liquidation.

Top Crypto Gainer Prices Today

The Sandbox

SAND price surged by 70% in the past 24 hours, currently trading at $0.83. Its 24-hour low and high are $0.51 and $0.84, respectively. Trading volume has shot up by 650%, indicating massive buying.

Decentraland

MANA is trading at $0.75, up by 30% in the past 24 hours. Its 24-hour low and high are $0.5592 and $0.7574, respectively.

Axis Infinity

AXS is trading at $8.50, with a 16% increase in the last 24 hours. Its 24-hour low and high are $7.187 and $8.909, respectively.

Top Crypto Loser Prices Today

Stellar

XLM is trading at $0.52, down by 16% in the last 24 hours. Its 24-hour low and high are $0.44 and $0.58, respectively.

Algorand

ALGO is trading at $0.27, with an 11% decline in the last 24 hours. Its 24-hour low and high are $0.2568 and $0.3262, respectively.

Hedera

HBAR is down by 10%, currently trading at $0.1412. Its 24-hour low and high are $0.1365 and $0.1547, respectively. Trading volume is down 50%.

Besides the hourly time frame, charts indicate that BTC and ETH are recovering, showing positive momentum. SAND price continues to jump higher. Overall, the market outlook appears bullish, which could be encouraging for investors. Crypto prices today reflect this shift, with BTC and ETH, starting to regain strength, signaling potential growth in the coming days.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.





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Where to Invest in November End?

Published

6 hours ago

on

November 25, 2024

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In the last few days, the bulls have taken over the crypto market, where many tokens have gained new highs, including the failing ones Hamster Kombat and X Empire. With the Bitcoin price nearing $100K, these failing Tap-to-earn tokens have also met with the bulls, aiding in their recoveries. However, the question still stands the same. Which one fits right in crypto investors’ portfolios for November end?

Analyzing The Hamster Kombat Price Performance

Hamster Kombat has been a part of the crypto industry for the last one and a half months, which is quite short for this token to show its full potential. It is more challenging, especially with a bad start, which has destroyed its image in the crypto market. The token fell right after its launch due to the HMSTR airdrop and the controversy around the distribution system. As a result, it is 54% down from its listing price of $0.008585 and reached the bottom at $0.002257 around 20 days ago.

Hamster Kombat Price

However, the token jumped big with the Donald Trump win-induced crypto rally on November 9. At that time, the HMSTR price jumped from $0.002577 to $0.005761 within 24 hours, but the downtrend followed soon, leading to a few days-long drop until recently. With the bitcoin price surging to a new ATH at $99.6, the HMSTR price has surged 8%, currently at $0.003951. Additionally, its 51% in the trading volume to $88.34M indicates that the investor’s interest is returning to the token.

Analyzing the X Empire Price Performance

The X price performance is no different from the Hamster Kombat price, as it has faced multiple ups and downs since its launch a month ago. The token entered the crypto market with a listing price of $0.00005348, but it has surged significantly, achieving an ATH of $0.00058 on November 9. However, it failed to continue the rally ahead and entered a downtrend, losing 62% value from the ATH. Interestingly, after an 8% surge in the last 24 hours, it is now valued at $0.0002191, with a market capitalization of $151.07M.

X Empire PriceX Empire Price

Interestingly, compared to HMSTR, its demand is higher, as the trading volume is at $205.73M after a 6% surge in the last 24 hours. This came after its X Empire rally to an ATH, which has brought back investors’ interest. More importantly, season 2 is likely to increase its demand even higher.

Hamster Kombat Vs X Empire & Where To Invest In November End?

Despite a bad start, both the tokens have attempted recovery in the last few days. However, X Empire is leading the race, especially with its ATH rally. With its 174% growth since its launch, it has beaten HMSTR, which is down by 54%. However, their performance is highly disappointing, considering the demand for both tap-to-earn games. Instead of achieving the $1 target, as expected from the player before the token launch, they had followed a constant downtrend and consolidation with minor recoveries here and there. As a result, there are certain doubts about their future performance. So, investors should analyze the trend and run a deep technical analysis before investing in them for November-end returns.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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.





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Crypto Trader Records $2.5M Profit With This Token, Here’s All

Published

9 hours ago

on

November 24, 2024

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A crypto trader made a $2.5M profit today by turning 13 SOL into 9,718 SOL through trading 76.46M FATHA tokens. The trader bought the tokens on Pump.fun, capitalizing on a rapid increase in FATHA’s market cap, which surged to over $60M. The trader sold the tokens at the peak, realizing a 750x return.

Trader Makes $2.5M Profit Trading FATHA Token

The crypto trader turned 13 SOL (around $3.3K) into 9,718.5 SOL, making a $2.5M profit by trading 76.46M Slopfather (FATHA) tokens. On November 23, the trader purchased the tokens on Pump.fun, and within 40 minutes, FATHA’s market cap surged to over $60M. After holding the tokens, the trader sold them at the highest point, securing a 750x return.

The trader capitalized on the rapid market shift and seized the opportunity to make a significant profit. As per solscan, 9,500 SOL was swapped for USDC and bridged to Ethereum, demonstrating how quickly substantial profits can be made in the volatile meme coin market. The trade reflects the growing influence of meme coins on the Solana blockchain.

On-chain data indicates that the wallet involved in this trade may belong to BT (@cooksassistant), who has traded 60 tokens over the past three days. With a win rate of 42.37%, BT has generated $2.7M in total profit.

FATHA Token Surge and Solana’s Meme Coin Boom

Slopfather (FATHA) token has surged to $0.03841, with a market cap of $38 million, allowing the crypto trader to book a massive profit. Its 24-hour trading volume is $156 million, reflecting a 4000% increase in the last 24 hours. This dramatic rise shows the growing demand for meme coins in the crypto market.

Solana’s blockchain is becoming a top platform for meme coin launches. Projects like PNUT, WIF, GOAT, and BONK are leading the way. Additionally, Arthur Hayes’ endorsement of the Solana-based FLOWER coin boosted interest, driving the growth of meme coins on Solana.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.





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