Ethereum had a modest year. However, a renowned analyst believes that the smart contract platform will soon catch up – and could even overtake Bitcoin in 2023.
Will Ethereum Overtake Bitcoin?
Ethereum had to drop 70% of its value in the last 12 months: at the end of December 21, the asset was still trading at over $4,000, ETH per coin is currently only worth $1,212.
In short, the smart contracts platform has been hit hard – like most other cryptocurrencies in the current bear market. In the short term, Ethereum is also under pressure: over the past seven days, ETH has lost 8.39%, and trading volume is also down since yesterday, down 14.17% from the previous day. (data from Coinmarketcap.com).
Lead analyst Justin Bennett writes of Ethereum’s near-term outlook:
“$1,220 is the area $ETH bulls need to retake.”
It remains to be seen whether this can be achieved so quickly in the current market environment. But: even if Ethereum sees itself under pressure in the short term – analysts expect a strong recovery in the medium to long term. It could even push Ethereum to new highs and cause ETH to overtake Bitcoin. So thinks Mike McGlone, star analyst at Bloomberg.
In a new Ethereum analysis, the industry watcher comments on the outlook for 2023 – and comes to a bullish conclusion. McGlone:
“Ethereum could be the best competitor to overtake the first cryptocurrency.”
The charting expert cites Ethereum’s performance in the bear market as the reason, commenting:
“Ethereum’s advances against Bitcoin have not been shaken by the deflation of most risky assets in 2022 and may continue to solidify.”
Ethereum: Star analyst expects bullish performance
With a ratio of around 0.08, the Ethereum/Bitcoin price is the same as in May 2021, when the Nasdaq 100 stock index was up around 20%. McGlone also provides a chart showing the trend of the number 2 cryptocurrency to outperform Bitcoin.
McGlone’s conclusion:
“Migration to the mainstream is our conclusion, and once the dust settles from some reversal in risky assets due to inflationary pressures, Ethereum will likely go back to doing what it did – outperform.”
So will there really be a so-called reversal in 2023 – will Ethereum and Bitcoin swap places? Will Ethereum become the number 1 cryptocurrency, will Bitcoin be number 2? Crypto analyst Chris Burniske also thinks it’s possible, written its over 248,000 followers: ETH is about to make its most serious attempt yet at number 1. So 2023 should be exciting for crypto investors.
2.5 million dollars raised! Calvaria (RIA) breaks presale records
Analysts are also predicting an exciting 2023 for Calvaria (RIA), a new pre-sale NFT collectible card game. Calvaria has already raised more than $2.5 million in capital from interested investors and is thus entering the fifth and final presale phase. Investors who entered at the price of $0.01 during the 1st public fundraising enjoy paper gains of 225% at the end of the presale. And even after that, the project has a lot to offer investors: as the team just revealed on Twitter, Calvaria (RIA) will be listed on BKex after the presale!
The popular crypto exchange has around $600 million in 24-hour volume, so it offers traders plenty of liquidity. Crypto influencer Jacob Bury also finds 10 reasons why the coin could explode: