Should Bitcoin BTC/USD take the same path as Ethereum ETH/USD, the apex cryptocurrency can touch the $100,000 mark, as per Bloomberg senior commodity strategist Mike McGlone.
What Happened: McGlone said on Twitter Monday that if Bitcoin were to catch up to Ethereum’s performance this year it could approach the $100K level.
Ethereum in 2021 Is Bitcoin Guidance for $100,000: Flippening? If #Bitcoin were to catch up to #Ethereum's performance this year, the No. 1 crypto's price would approach $100,000. Though we see Bitcoin on that path, there appears little can stop the process of Ethereum flippening pic.twitter.com/7JKFe60JyZ
— Mike McGlone (@mikemcglone11) August 9, 2021
ETH’s year-to-date gains currently stand at 323.57% while those of BTC are 58.27%. At press time, ETH traded 5.26% over 24 hours at $3,111.67 and BTC traded 4.93% higher at $45,701.24.
Over the last seven days, ETH has shot up 23.13% while BTC has risen 18.41%.
Why It Matters: In his August outlook, McGlone noted that 2021 is “prime for Bitcoin to take the next step in its price-discovery stage and we see a refreshed bull market,” Bloomberg reported.
The analyst wrote that “speculative excesses have been expunged.” On Ethereum, he called the second-largest cryptocurrency “a worthy companion and most of the pressure factors are longer-term bullish.”
ETH prices have been on the rise lately in part due to the recently implemented London hard fork that introduced deflationary tendencies to the cryptocurrency.
See Also: Estimates Show Over $5B In Ethereum Will Be Burned In A Year
Other factors include the popularity of non-fungible tokens and decentralized finance, both segments that heavily depend on ETH.
Meanwhile, on-chain data shared by Glassnode indicates that large transactions dominate on the Bitcoin side. On-chain transaction volume for values above $1 million has risen from 30% to 70% of total value transferred since September 2020.
As per Glassnode, these large-size transactions are “more likely to be accumulators than sellers and is again, fairly constructive for price.”
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