As a seasoned analyst with over two decades of experience in both traditional finance and cryptocurrencies, I must say that Tuur Demeester’s Ethereum warning raises some serious red flags for me. Having witnessed numerous market cycles, I can attest to the unpredictable nature of the crypto world and the importance of staying vigilant.
Recently, Turu Demeester from Adamant Research has raised a significant concern about Ethereum (ETH). He suggests that ETH could potentially plunge to a value equivalent to just 0.03 Bitcoins (BTC) based on current market conditions.
As per Binance‘s data, the current value of one ETH in terms of BTC stands at approximately 0.043 Bitcoins.
As a researcher studying cryptocurrency markets, I’ve observed that despite the highly anticipated launches of spot-based Ethereum ETFs by giants like BlackRock and Fidelity within the U.S., Ethereum didn’t witness a significant surge in value as one might have expected.
At the start of this month, the ETH/BTC ratio plummeted to as low as 0.04 during a significant downturn in global stock markets that also impacted top cryptocurrencies. It’s worth noting that altcoins suffered more than Bitcoin during this period, which is usually the case when investors adopt a cautious approach towards riskier assets.
After that point, the ETH/BTC ratio has seen a rebound of approximately 15%, but as we speak, it remains 15% lower than its highest point in 2024, which was 0.061 and reached in January.
Will flippening still happen?
Ever since Ethereum entered the cryptocurrency world, discussions about the potential for it to surpass Bitcoin (flippening) have taken center stage in crypto conversations.
As an analyst looking back at 2017, I can’t help but recall the surge in popularity that Ethereum experienced, largely due to the influx of Initial Coin Offerings (ICOs). This rise threatened Bitcoin’s dominant position. In June of that year, the exchange rate between ETH and BTC peaked at 0.15 BTC. Yet, this initial success proved fleeting. By the end of 2017, Ethereum had lost a staggering 80% of its value relative to Bitcoin.
Back in January 2018, the price of Ethereum relative to Bitcoin (ETH/BTC) rose up to approximately 0.12 Bitcoins. This notable increase occurred just before a significant downturn in the market, which was characterized as a major bear market.
2021 saw a resurgence for the Ethereum network, fueled by the excitement around Non-Fungible Tokens (NFTs). However, the value of Ether relative to Bitcoin (ETH/BTC) reached its highest point at just 0.087 in December 2021.
As the CEO of a cryptocurrency investment firm, I am intrigued by the prediction made by Nick Tomaino from 1confirmation. According to U.Today, he believes that Ethereum will eventually surpass Bitcoin in terms of market capitalization once its true impact is fully realized.
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2024-08-25 13:18