Bitcoin keeps hitting new highs. Ethereum says that bitcoins are good for the world (if only it could talk).
The price of ETH at $3,470 as of 1:30pm ET on Thursday is approximately 30% below its all-time record high of nearly $4,900 (set in Nov 2021).
Joel Kruger of LMAX Group said that closing above $4,000 on a weekly basis could be a catalyst for a rally to a price retest. It is possible that the rally could be accelerated by a weekly close above $4,000, according to LMAX Group market strategist Joel Kruger. “could easily play out between now and year end,” He said to me earlier this week.
After the FOMC meeting, BTC (Bitcoin) and ETH (Ethereum) dropped. Kruger, however, said that he does not expect this latest sale of crypto assets to have a material impact on longer-term prices.
CoinShares research associate Luke Nolan told me he’s eyeing February or March for ETH to hit a new high — that is, if market momentum continues and ether ETF flows remain strong.
He believes that ETH has several positive factors: a low ETH/BTC rate of more than a year; a change in sentiment among retail investors and institutions; and a good relative trade value (since ETH remains one of few coins to have yet reached an ATH in this cycle).
According to the article on investor sentiment, US spot ETH product net inflows have been $3 billion (since Nov. 6, after the elections). Over the span of that time, spot BTC fund values have risen by $13.5billion.
BTC is still an option “easier sell” Nolan claimed that its narrative of digital gold would appeal to a large number of investors. It is more difficult to understand the analogy between Ethereum and a global, decentralized AWS.
“It’s a slower process to get people to understand [ETH’s] value proposition,” He also added. “But it seems to be happening more so now than it was when the products initially launched.”
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