Investing.com – Dogecoin’s rallies and setbacks and Elon Musk’s tweets have caught the spotlight on the cryptocurrency market over the past few days.
However, a war is raging during that time, between the major digital currencies, specifically the first currency in the digital currency market, Bitcoin, and the currency that seems to be treading quietly and confidently towards the top of Ethereum.
And it seems that day after day the difference between Bitcoin and Ethereum is diminishing, while Bitcoin is still struggling in a vortex and a cross-channel between the levels of $ 53,000 and $ 58,000.
It accelerates at full speed to set new records day after day to make unprecedented price peaks that narrow the difference between them with the number one currency.
Bitcoin is still the luckiest and most acceptable in the cryptocurrency market, whether at the institutional or individual level, as it is the largest in value, size, circulation and spread.
However, the institutional approval that Bitcoin receives day after day has not yet succeeded in giving it the impetus to breach the $ 60,000 levels during the past two months.
Although Bitcoin exceeded the levels of $ 64,000 in mid-April, coinciding with the listing of Coinbase shares, it quickly bounced back to the bottom of $ 47,000.
Before it bounced back to its preferred zone in two months between the $ 50K and $ 60K levels.
Bitcoin is trading during those moments of Monday’s session at levels of $ 58,000, with a slight increase of not more than 1%.
While the market value of Bitcoin is about $ 1.086 trillion, while Bitcoin declined within 7 days by about 0.1%, while it fell by 5% within thirty days.
On the other hand, and in contrast to Bitcoin’s apathy, comes the remarkable momentum and activity that dominates Ethereum’s dealings.
Which succeeded in setting new highs after the $ 4,000 exceeded the highest price of the currency ever, as it rose to $ 4,165,000.
The market value of Ethereum jumped to new record levels amounting to about $ 480 billion, while it rose by about 30% within a week, and by more than 90% within thirty days.
And the continuing faltering of the world’s first digital currency, Bitcoin, has given an opportunity and a path for alternative currencies to forge their way towards unprecedented peaks and levels.
Analysts believe that Ethereum is the most prominent and largest alternative currency, and is the strongest competitor to Bitcoin, as it receives the largest alternative currencies institutionally accepted, albeit less than Bitcoin.
And while Bloomberg Intelligence Research predicts that Bitcoin is likely to go further up towards the $ 80,000 levels.
Contrary to CA: Morgan’s expectations, to rise in formation between $ 100,000 to $ 146,000, supported by trading gains and institutional turnout.
Nigel Green, CEO and founder of deVere Group, laid out an accurate and ambitious Ethereum price prediction in a note cited last Monday.
The CEO and founder of the deVere Group said Ether is one of the main beneficiaries of the biggest explosion in the cryptocurrency market.
Green added the boom in the past few months has been driven by growing interest from major institutional investors and a growing recognition that digital currencies without borders are the future of money.
Green predicts that this momentum should get stronger in the short term and I think Ether will reach $ 5,000 within seven days.
Green’s expectations came when Ethereum was at $ 3,230, meaning that the increase will be approximately 55% by tomorrow, Monday.
Analysts see several factors supporting Ethereum’s rally, and one of the latest catalysts is a proposed EIB bank bond released on the Ethereum blockchain.
So is the success of NFTs as an engine of spike, as most of these non-exchangeable tokens are released via the Ethereum blockchain.
This is in addition to the possibility of updates to the Ethereum network, which should further highlight its advantages over Bitcoin, according to analysts.
Analysts argue that while Bitcoin is at best a store of value and an inefficient currency, Ethereum relies on a more efficient and flexible technology that serves as the basis for many cryptocurrency projects.
Bitcoin’s record highs coincide with the debilitating condition that hits Bitcoin’s first digital currency dealings.
While Bitcoin is unable to surpass the $ 60,000 hurdle levels, Ethereum faces renewed support in breaking through record levels day after day.
Marc Josco of Morgan Creek Capital Management sees the Bitcoin cryptocurrency reach $ 250,000 within five years.
“It’s just about adopting the network and increasing its use,” Yusko said. “It is a network and networks are growing exponentially. It is the fastest network in history with a trillion dollar value, right after FAANGS.”
Yusko evaluates his goal of $ 250,000 on the gold match, if the monetary value of gold is $ 4 trillion, then digital gold should reach this total, which is equivalent to a quarter of a million dollars per bitcoin.
Regarding other cryptocurrencies, which sometimes steal the limelight from Bitcoin, Josco felt that this did not call into question the fact that it is the gold standard of the cryptocurrency world, on the contrary.
Yusko believes Bitcoin will be equivalent to a base-layer protocol such as TCP / IP, which allows computers to communicate and communicate.
Whereas according to him, a cryptocurrency like Ethereum would be similar to “www dot”, which is a “toolbox” based on this.
The article does not express a recommendation or a nomination, but rather a monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, noting that they are not completely subject to financial authorities and markets.