Bitcoin To $253,800 And Ethereum To $22,300? On-Chain Data Suggests Both Coins Could Moon If History Repeats Itself

Bitcoin BTC/USD and other major coins traded in the red Thursday night as the global cryptocurrency market capitalization declined 1.91% to $2.7 trillion.

What Happened: The apex coin fell 2.66% to $61,117.21 over 24 hours. Over the last seven days, it has inched up 0.11%.

Ethereum ETH/USD traded 1.62% lower over 24 hours to $4,487.51 over 24 hours. For the week it is up 3.25%.

Meme cryptocurrency, Dogecoin DOGE/USD declined 3.39% to $0.26 over 24 hours. Over a seven-day trailing period, it is down 14.48%.

Rival Shiba Inu saw a steeper fall of 13.63% to $0.00004792 over 24 hours. Over the last seven days, it has plunged 28.69%.

The top 24 hour gainers among the top 100 coins at press time were tokens of OMG Network and Kadena projects. OMG was up 18.81% over 24 hours at 18.46, while KDA rose 17.98% over 24 hours to $9.97, as per CoinMarketCap data.

For the week, OMG and KDA gained 41.24% and 51.29% respectively. KDA, whose network was founded by JP Morgan’s blockchain developers Will Martino and Stuart Popejoy, hit a new all-time high of $9.99 on Thursday.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Bitcoin has largely traded flat over the week, while ETH has gained over 3% over the same period, shifting the focus on the latter.

Simon Dedic, a managing partner at blockchain advisory firm Moonrock Capital, said Thursday that Ethereum is up for a “parabolic run next.”

$ETH consolidating above old ATH.

Parabolic run next.

— Simon Dedic (@scoinaldo) November 4, 2021

Leaving Curve Dao Token aside — Ethereum Decentralized Finance or DeFi tokens have acted as laggards compared with ETH, noted Delphi Digital, an independent research company in an emailed note.

DeFi Performance In October 2021 — Courtesy Delphi Digital

“DeFi tokens have been out of favor for what feels like an eternity now. Price has been consolidating for the better part of this year, and it’s only a matter of time before things get volatile again,” wrote Delphi Digital. 

There may be plenty of space for both Bitcoin and Ethereum to run up higher, as per on-chain data source Ecoinometrics, if history repeats itself. 

Ecoinometrics noted that BTC is trading 7.3x its price since halving in May 2020 when it traded at $8,600. The upwards momentum could continue until the price shoots up to nearly 30x to $253,800  going by the last cycle’s action, as per a tweet.

#Bitcoin and #Ethereum growth trajectories
Nov. 04, 2021

Since the 3rd halving:
BTC is up 7.3x (topped at 29.5x last cycle)
ETH is up 24.8x (topped at 120x last cycle) pic.twitter.com/4Nb8AeoeBl

— ecoinometrics (@ecoinometrics) November 4, 2021

On ETH, Ecoinometrics pointed to higher gains compared to Bitcoin — to the tune of 120x the halving price of $186 reached in the last cycle in 2018. If it repeats the same performance, ETH could peak at $22,300 in the current cycle.

Read Next: Elon Musk Asks To Be Made New 'Dogecoin CEO' But Gets Snubbed In Favor Of This Good Girl