With the hype surrounding Bitcoin’s price decline still hot in the crypto community, many traders are turning to alternative coins to make a quick buck. Though Bitcoin is still the most profitable cryptocurrency to mine, many miners are looking to other coins to earn their crypto on. For instance, Ethereum’s price is up over 300% since the beginning of the year, with some speculating that it will continue to rise throughout the year.
Crypto markets have been on a roller coaster ride lately, with some changes coming in quick succession. While Bitcoin (BTC) and Ethereum (ETH) have managed to hold on to their positions, they are looking increasingly vulnerable. While BTC managed to briefly overtake ETH, it has since fallen back down to its original position, with the ERC20 token at $244.68, up $11.6 or 4.67% at the time of writing while BTC is trading at $6,400, up $10, or 1.36% at the time of writing. This was all precipitated by a tweet, by a noted trader and analyst, Naeem Aslam, head of research at Think Markets, who noted that Ethereum would
It’s been a wild ride for cryptocurrencies in 2018. Despite the rapid gains in digital currency prices, the overall cryptocurrency market has suffered a massive drop in market capitalization in the first few months of the year. Nevertheless, crypto traders are bullish on the price of Ethereum in the long term, predicting that the altcoin will outperform Bitcoin over the next year.
In recent days, bitcoin and a host of digital assets have lost value, with the two main crypto assets, bitcoin and Ethereum, vying to dominate the market. Bitcoin’s dominance in the crypto economy fell to a three-year low of 41.9 percent this week, while Ethereum’s market capitalization accounted for 18.6 percent of the crypto economy. According to a recent survey by Benzinga, respondents think Ethereum will crush Bitcoin’s returns by the end of 2021.
More than 80% of traders surveyed by Benzinga believe Ethereum will surpass Bitcoin by the end of the year
Benzinga, a fintech media and data company based in Detroit, Michigan, has released a report titled Ethereum will crush Bitcoin’s returns by 2021. The study collected data from 100 cryptocurrency traders and investors, and many believe Ethereum will soon become a major crypto asset. 80.8% of Benzinga respondents believe ETH will overtake BTC by the end of 2021. Benzinga goes on to say that Ethereum is already leading in terms of return on investment (ROI) by 2021. Despite favoring Ethereum over Bitcoin, Benzinga members remain bullish on Bitcoin, according to the company’s latest survey. Only 12.8 percent of those surveyed think bitcoin will end the year below $55,000, says Logan Ross, content editor at Benzinga. The forecast for Ethereum was more positive, based on the survey’s price targets. Only 20.5 percent of cryptocurrency investors believe Ethereum will end the year below $4,000, while 11.8 percent said Ethereum will end the year above $10,000, the Ross report noted. Most people think ETH will end the year in the $6-10k range. When Ross asked 100 participants which project on the Ethereum network they were most interested in, those surveyed said ETH 2.0 Bet. With the arrival of ETH 2, all bets are off, which will lead to many people being able to buy and not sell in the new blockchain auctions, (including myself), said a conference attendee in Benzinga. I think this will drive the price up until ETH 2 is released, at which point there will be a big sell-off that will provide a great opportunity to buy bugs.
Benzinga’s report comes as bitcoin (BTC) has been threatened by Ethereum (ETH) in recent months. Bitcoin.com News reported earlier this week that BTC was losing its dominant market position to ETH and several other digital assets. A website called The Flippening Watch collects real-time data to capture this event as it occurs. In terms of daily mining reward data, ETH has already surpassed BTC in this area. There are two other metrics that Ethereum claims: total market valuation and 24-hour trading volume. At the time of publication, BTC still holds these positions, but ETH is already very close to becoming a leader among crypto assets. ETH currently accounts for 68.2% of BTC’s daily trading volume and 44.6% of BTC’s total market capitalization. If ETH catches up with BTC in 2021 and reaches a higher market valuation, it will be a coup for the cryptocurrency community. What do you think of Benzinga’s recent survey of 100 crypto traders? Let us know what you think in the comments below.
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100 traders, bear run, benzinga survey, benzinga survey, bitcoin (BTC), BTC, bull run, crypto traders, ETH, Ethereum (ETH), flipping, flipping, Logan Ross, market cap, participants surveyed, report, return on investment, return on investment, RoI, survey, poll, The Flipping Watch. Photo credit: Shutterstock, Pixabay, Wiki Commons, buybitcoinworldwide.com/flippening/, benzinga.com, Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.As the market continues to grow and mature, it will be interesting to see how the top coins stack up in the years to come. If crypto traders like Tim Draper are correct, it’s going to be a good ride. In an interview with TechCrunch, Draper predicted that the price of ether, the digital token of the Ethereum blockchain, will rise over the next five years to $10,000. Although the coin is up more than 10,000 percent since the beginning of last year, it has plummeted over the past month.. Read more about bitcoin prediction 2025 and let us know what you think.
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