With the recent Ethereum enhancements, the native Ether token has witnessed a significant increase in popularity. Ether’s price has risen over the past year, and as a result, narrowly missing out on bitcoin’s total market value.
After almost two years of consolidation, Place Holding partner Chris Burniske recently highlighted in a tweet that $ETHBTC is ready for a monthly breakout.
Chris Burniske, a former head of ARK Invest’s cryptocurrency analysts, provided his thoughts on Ethereum’s (ETH) price movement relative to Bitcoin (BTC). The market’s primary altcoin is poised to make a breakout versus the market’s primary cryptocurrency after two years of consolidation, the expert claims.
In May 2021, Ethereum experienced a similar price increase. After being in consolidation for 931 days prior, ETH then had a gain of more than 150% against BTC in just over a month. Given that the present consolidation lasts just a third as long as the last one and, hence, has less stored “energy,” it is reasonable to believe that, if the eruption Burniske is predicting actually occurs, it will be smaller than the previous one.
The current Bitcoin price has a $23,405 USD market cap of $451,797,619,676 USD. The Ethereum price is $1,642.74 with a total market capitalization of $196,189,979,006.