Should Bitcoin (CRYPTO: BTC) take the same path as Ethereum (CRYPTO: ETH), the apex cryptocurrency can touch the $100,000 mark, as per Bloomberg senior commodity strategist Mike McGlone.
What Happened: McGlone said on Twitter Monday that if Bitcoin were to catch up to Ethereum’s performance this year it could approach the $100K level.
Ethereum in 2021 Is Bitcoin Guidance for $100,000: Flippening? If #Bitcoin were to catch up to #Ethereum's performance this year, the No. 1 crypto's price would approach $100,000. Though we see Bitcoin on that path, there appears little can stop the process of Ethereum flippening pic.twitter.com/7JKFe60JyZ
— Mike McGlone (@mikemcglone11) August 9, 2021
ETH’s year-to-date gains currently stand at 323.57% while those of BTC are 58.27%. At press time, ETH traded 5.26% over 24 hours at $3,111.67 and BTC traded 4.93% higher at $45,701.24.
Over the last seven days, ETH has shot up 23.13% while BTC has risen 18.41%.
Why It Matters: In his August outlook, McGlone noted that 2021 is “prime for Bitcoin to take the next step in its price-discovery stage and we see a refreshed bull market,” Bloomberg reported.
The analyst wrote that “speculative excesses have been expunged.” On Ethereum, he called the second-largest cryptocurrency “a worthy companion and most of the pressure factors are longer-term bullish.”
ETH prices have been on the rise lately in part due to the recently implemented London hard fork that introduced deflationary tendencies to the cryptocurrency.
Other factors include the popularity of non-fungible tokens and decentralized finance, both segments that heavily depend on ETH.
Meanwhile, on-chain data shared by Glassnode indicates that large transactions dominate on the Bitcoin side. On-chain transaction volume for values above $1 million has risen from 30% to 70% of total value transferred since September 2020.
As per Glassnode, these large-size transactions are “more likely to be accumulators than sellers and is again, fairly constructive for price.”