Well-known Crypto strategist MMCrypto in a new video ideates with popular trader Ben Armstrong, discussing Ethereum’s performance and trajectory.
Armstrong says, it has not been noticed much, but this year Etheruem has outperformed Bitcoin, it is a consistent trend for ETH to outdo BTC in bull markets. Hence, in a bull market, Ethereum is the best option to become and stay a Millionaire.
He further mentions, the Whale movement of 629000 ETH worth $1.3B happened into Compound, a Defi staking and yield farming protocol.
This means 629K ETH is no more in circulating supply, adding it to all the other ETH that’s moving out for Validator nodes and ETH 2.0 will make Etheruem deflationary turning it to be bullish.
Will ETH Price Hit $27000 by the End of 2021?
Armstrong gives out a prediction of $27000 for the price of ETH by the end of the year. He further adds, for a holder of 50ETH, if the price conservatively reaches $20K, it would make him a millionaire.
The trader gives an analysis of Etheruem’s market cap with Bitcoin, saying Etheruem has to be 1.5X of Bitcoin’s current market cap to achieve the target. Etheruem currently has a $240 B market cap and Bitcoin has 1T.
“People have to understand the way these markets work during the bitcoin cycles, which is most of the action the parabolic run comes at the very very very end”
Conclusively, he says not all the tokens in the ecosystem will reach their peak at the same time. And it is not a game of hot potato, as traders pull out profits from one protocol and pour it back into another.
At the time of writing, Ethereum is trading at $2101.47 with a market cap of $242.43B.