Bitcoin vs Cousin Ethereum: Unraveling the Crypto Conundrum

The Crypto Maze: Bitcoin vs Cousin Ethereum Showdown

Updated Nov 18, 2023

Learning from history is crucial to understanding how to recognize opportunities that can be found even in setbacks. By studying historical events, we can gain valuable insights into our actions and decision-making processes. In light of this, let us explore the historical perspective and conclude with our outlook for the years 2023 and 2024.

Step aside, bitcoin. There’s another digital token in town that’s winning over the hearts and wallets of cryptocurrency enthusiasts across the globe.

The value of ether, the digital currency linked to the Ethereum blockchain, could surpass that of bitcoin by the end of 2018, according to Olaf Carlson-Wee, chief executive officer of cryptocurrency hedge fund Polychain Capital.

During an interview on Bloomberg Television, based in the San Francisco Bay Area, Carlson-Wee stated that Ethereum’s value has grown at an extraordinary pace, surpassing even Bitcoin’s remarkable ascent. According to him, this is mainly due to Ethereum’s rapidly emerging and robust developer ecosystem. Carlson-Wee also highlighted the significant backing received by the fund from well-known venture capital firms such as Andreessen Horowitz and Union Square Ventures. Full Story

In recent months, we’ve been inundated with inquiries regarding our stance on alternative currencies like Bitcoin. Our general approach is to refrain from entering markets that lack significant liquidity. However, if these currencies were listed on major exchanges, we’d consider opening positions when triggered by “buy signals.” The challenge lies in the limited ability to chart these currencies effectively using our custom indicators, given their absence from major exchanges, making us cautious about navigating uncharted territories.

Nevertheless, there’s potential for a compelling speculative play in this currency. Consider using robust pullbacks as opportunities to establish a position. With promising projections, a modest investment ranging from $500 to $1000 could evolve into a substantial fortune. It’s essential to note that engaging in this investment requires a willingness to speculate and embrace elevated levels of risk.

These digital currencies underscore a point we’ve emphasized before—the gold standard is obsolete and unlikely to stage a comeback shortly.

Bitcoin vs Cousin Ethereum Outlook 2023

We successfully scaled out of GBTC with a modest gain. Bitcoin is currently in a consolidation/correction phase, and there’s a higher likelihood that it might undergo a test of the 23K range, with a variance of approximately 500 dollars. Market update September 7, 2023

The midterm picture is still unclear. We will wait for it to become clearer before adjusting our entry points. Once it improves, we will contemplate modifying the entry points for GBTC. Market Update October 12, 2023

We observe a contrast between BTC futures and GBTC. Currently, BTC futures are not trading on the weekly charts in the highly overbought range, whereas GBTC is already in the extremely overbought zone. Our strategy is to wait for our indicators on GBTC to pull back to the oversold range on the weekly charts before considering any entry. Meanwhile, BTC itself could experience a surge to 39K -40.8K before rapidly pulling back.

Originally published on Oct 13, 2017, this content has been consistently updated over the years, with the latest revision completed in Nov 2023.

Expand Your Perspective: Dive In!

Paradox of prosperity definition

Nov 19, 2024 The Paradox of Prosperity: When Success Seeds Its Own Failure Why do thriving economies and booming markets ...