What Happened: The founder and chief executive officer of one of the world’s largest independent financial advisory organizations believes that Ethereum ETH/USD will outperform Bitcoin BTC/USD for the rest of the year.
deVere Group CEO Nigel Green told City AM on Wednesday that Ethereum’s recent run of good form and operability improvements has not gone unnoticed.
“Ethereum is outperforming Bitcoin and it can be expected to continue this trend for the rest of 2021,” he said.
Green highlighted that Ethereum is up by more than 240%, outperforming all other benchmark assets, while Bitcoin is up less than 38% year to date.
In his view, there are two key factors driving Ethereum’s impressive performance.
“First, Ether has a higher level of real-use potential as Ethereum – the platform on which it is the native cryptocurrency – is the most in-demand development platform for smart contracts, thereby highlighting that network’s value not only as a platform for developers but as a worldwide financial utility,” he said.
“Second, investor enthusiasm for the game-changing transition to ETH 2.0, which makes the Ethereum network considerably more scalable, sustainable and secure.”
According to him, these upgrades represent a major boost, not just for Ethereum but for blockchain technology itself.
The deVere executive went on to state that his bullish bias towards Ethereum did not hinder his confidence in Bitcoin, and he continued to have optimistic price targets for the leading digital asset.
“I remain confident that Bitcoin will hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021,” he said.
However, Green maintained that Ethereum’s technical advantages over Bitcoin will mean that its value will exceed it, “probably within five years.”
“There will be peaks and troughs along the way of course, but Ethereum’s ascent to the top of the cryptoverse seems unstoppable,” he said.
Price Action: At press time, Ethereum was trading at $3,065, slightly up over the past 24-hours.
Bitcoin was also up by 0.11% during the same period and was trading at a price of $45,721 at the time of writing.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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