Trader Says Ethereum Primed to Take Over Market as ETH Rallies
Also, trader Altcoin Gordon’s decision to sell Solana for a new “hot layer 1” highlights the speculative and cyclical nature of the crypto market.
And while metrics like NFT dominance shifting away from Ethereum suggest a varied landscape, others focus on long-term trends rather than short-term trading.
Time For Ethereum to Shine
After Bitcoin, Solana and Bonk, reaching new highs it seems the time for Ethereum to shine has finally come. The number two crypto has had a pretty good year so far with almost 100% gains, but was mostly outperformed by other altcoins. Some are now hinting that it’s time for ETH to take over.
“Likely, history is repeating itself in which we’re peaking with the Bitcoin dominance prior to the Bitcoin halving. That means that the bull market on altcoins have started and Ethereum will take over from here.”
Ethereum, which is of course one of the most prominent altcoins, is expected to take the lead in this phase. This could imply that investors and market participants might shift their focus and investments from Bitcoin to Ethereum and other altcoins, expecting higher returns or due to other market dynamics. And so far, ETH has had a pretty good run, going up by almost 10% in the past 24 hours, after some choppy sideways action for a while.
Ethereum (ETH), 7-day chart, source: CoinMarketCap
Taking Profits – Or Riding the Gravy Train Up and Down?
This is mirrored in the statement of another trader, Altcoin Gordon, also a prominent figure with over 400k followers. Gordon said that he just sold all his SOL to FOMO into the next “hot layer 1.”
After selling all of my $SOL for a 15X
I have just put half of the profits in to the next HUGE layer 1.
Can you guess what it is?
— Gordon (@AltcoinGordon) December 27, 2023
While Gordon hints at the ‘next,’ it is not entirely clear what he means by that; this could really mean he found the next hype, or it could simply mean he also believes it’s time for something like Ethereum to experience a run soon. While the market goes in cycles, investors should keep in mind that predictions are speculative and influenced by factors like market sentiment, regulations, technology, and the economy.
All Signs Point to Ethereum, Or Are They?
It’s also interesting to note that not all metrics point to Ethereum; for example, NFT dominance, an absolute ETH stronghold in the last bull market, has shifted towards others like Bitcoin and Solana.
Ethereum NFT dominance has completely disappeared this year.
Really striking to see laid out like this. Goes to show how little you can take for granted in this industry. pic.twitter.com/Os9MUF1mzh
— Haseeb ＞|＜ (@hosseeb) December 27, 2023
However, all this is just short-term trading and as Raoul Pal says, the chart you should really paying attention to isn’t this:
How to Fuck This up:
What you are actually staring at all day to make decisions…1/ pic.twitter.com/6fBqlegunl
— Raoul Pal (@RaoulGMI) December 27, 2023
But according to Pal the chart below, as he mentioned in his post on X, is what investors should rather look at. That means zooming out from hourly charts and looking at larger time frames.
Source: Raoul Pal/ X
The post Trader Says Ethereum Primed to Take Over Market as ETH Rallies appeared first on Crypto News Australia.
Filed under: Bitcoin - @ December 28, 2023 4:40 am