As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) trade muted, here’s what four analysts are saying about the two largest cryptocurrencies by market capitalization.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said he believes Bitcoin looks good after having rebounded from a crucial area and could continue to rise to touch the $53,600 level. He believes that the bull market will continue for Bitcoin.
#Bitcoin made a bounce from the crucial area, that's good.Looks like continuation to $53.6K. pic.twitter.com/vBW7R5qucR
— Michaël van de Poppe (@CryptoMichNL) December 8, 2021
Justin Bennett, a cryptocurrency analyst and trader with over 93,000 Twitter (NYSE:TWTR) followers, said that Bitcoin looks poised to test the $53,000 level this week.
$BTC is still on track to test $53k this week.pic.twitter.com/XxOkWyq1il
— Justin Bennett (@JustinBennettFX) December 8, 2021
Altcoin Sherpa, a pseudonymous cryptocurrency analyst, feels that Ethereum looks bullish and will outperform Bitcoin in the short term, while Bitcoin will continue to trade volatile.
$ETH: Outperforms $BTC in the short term imo. ETHBTC to .11ish, this one leads while btc chops. #Ethereum looks bullish. pic.twitter.com/3lcqtBBCCO— Altcoin Sherpa (@AltcoinSherpa) December 8, 2021
Cryptocurrency analyst Benjamin Cowen also noted that Ethereum is “on fire,” while Bitcoin not going parabolic in the fourth quarter of this year is bullish for the next year.
$ETH is— Benjamin Cowen (@intocryptoverse) December 9, 2021
#Bitcoin not going parabolic in Q4 is bullish for next year.— Benjamin Cowen (@intocryptoverse) December 8, 2021
Why It Matters: Bitcoin, the world’s largest cryptocurrency by market capitalization, has not been able to build on the relief rally after touching the $51,000 level earlier this week. The apex cryptocurrency is down 28.0% from its all-time high of $68,789.63 touched in November.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has outperformed Bitcoin year-to-date following the rise in popularity of non fungible tokens (NFTs).
Ethereum’s year-to-date gains are 494.3%, compared to Bitcoin’s gains of 68.6% for the same period.
Arrow Glacier, an upgrade to the Ethereum network, is slated to go into effect on Dec. 9. This upgrade is supposed to help with the switch from proof-of-work to proof-of-stake platform.
Price Action: Bitcoin is down 1.9% during the past 24 hours, trading at $49,524.00 at press time, while Ethereum is down 0.6% over the 24-hour period to $4,341.83.
Read at Benzinga