Ethereum has had a string of good news recently which has propelled the leading smart contract platform on an upward trend in the past two days. With ETH bulls back on the map, many are speculating: Will Bitcoin or Ethereum be the first to hit its next major price milestone?
There seems to be some agreement on the next major price milestone for both Ethereum (ETH) and Bitcoin (BTC). For Bitcoin, the consensus seems to be that the next bull run should target $100,000 as a noteworthy goal — a milestone that will surely have the same psychological effect as $10,000 did in 2017. ‘Power-law’ price trends have estimated that this milestone may be reached at the earliest by 2021, but could come as late as 2023.
But what about Ethereum? During the last 2017/18 bull cycle, Ethereum (ETH) touched around $1380 before its spectacular decline during the succeeding bear market. However, some analysts are putting the next milestone for the cryptocurrency at around $2,000. That would put it at a market capitalization of around $200B.
Which one of these is more possible? Well, according to the author of ‘B Is for Bitcoin,’ Graeme Moore (@MooreGrams), ETH going to $2,000 will happen sooner than Bitcoin hits $100,000. Others, though, are not so sure.
Unpopular opinion: ETH will go to $2,000 before BTC goes to $100,000
(both are roughly a 10x)
— Graeme Moore (@MooreGrams) September 17, 2019
Some argue that Ethereum will hit its milestone first just by pure numbers alone. This is because ETH at $2,000 is a market capitalization of $200B whereas Bitcoin at $100,000 is a market capitalization of $2T. It seems far more likely we will see Ethereum reach $200B before Bitcoin is able to double its $1T market capitalization, a milestone in-and-of-itself.
However, with Bitcoin’s halving set to occur in April or May of 2020, it’s hard to say. An unexpected variable could throw a wrench in the price trajectory of either cryptocurrency — so it might just be better to diversify in both.
Will Bitcoin or Ethereum reach 10x first? Let us know your thoughts below in the comments.