Ethereum price can gain 40% on Bitcoin, and Musk’s latest attempt to pump Dogecoin fails
Analyst: ETH could rise by almost 40% against BTC in the coming trading sessions
Market analyst Michaël van de Poppe predicts that the ETH/BTC exchange rate will climb from its current 0.05–0.06 BTC range to as high as 0.07 BTC soon.
“Ethereum is continuing the run against the Bitcoin pair,” said van de Poppe.
The bullish forecast appeared right as ETH/BTC stretched its price rebound, from its June 27 low of 0.0552 BTC, by 21.28%. It showed that more traders preferred to sell their Bitcoin holdings to seek opportunities in the Ether market in recent days. On a year-to-date timeframe, the second-largest cryptocurrency had already surged by more than 160% against Bitcoin.
Due to impending scarcity, analysts and traders see huge upside potential in the Ethereum market. The bullish formula is simple: Ether’s drying supply in circulation against rising demand would make it more valuable than it is currently. And as a result, the cryptocurrency has been rising against Bitcoin so far into 2021.
Elon Musk’s latest attempt to pump Dogecoin fails
Dogecoin price surged but did not skyrocket after several endorsing tweets from Tesla CEO Elon Musk on July 1.
The billionaire entrepreneur published a tweet at around 8:43 am UTC — a Godfather-themed meme that shows Marlon Brando’s iconic character, Don Vito Corleone, with the text “YOU COME TO ME AT RUNTIME TO TELL ME THE CODE YOU ARE RUNNING DOES NOT COMPILE.”
Meanwhile, Musk captioned the tweet “Release the Doge!” In the next couple of hours, DOGE/USD attempted to reclaim the intraday high of $0.261 on the Musk factor, but profit-takers kept offsetting their upside bias.
Nevertheless, Dogecoin was still down by almost 0.5% around 12:00 pm UTC, hinting that Musk’s influence on the cryptocurrency market is in decline.
Earlier this year, the Tesla CEO’s whole-hearted endorsement of Dogecoin caused massive retail-led price spikes, so much so that the cryptocurrency’s market cap peaked at almost $100 billion in early May.