The two leading cryptocurrencies, bitcoin (BTC) and Ethereum (ETG), are currently on a healthy upward trend in August after three months of downward consolidation. Sundays May and June both BTC and ETH lost more than 50% of their rankings, their record high (ATH), during sales in the market. With the start of the second stage of the bull race, the race for the new ATH has begun, and looking at some key factors, it seems that ether can surpass BTC in the new ATH mission.
Ethereum’s stock market supply continues to decline, hitting a two-year low yesterday. The altcoin’s price continued to hold positions above $ 3,000, reaching a 3-month high of $ 3,333 this week.
Source: CryptoQuant
The EIP-1559 update during the London Hardfork has a deflationary Ethereum Token due to part of the miner’s fee being burnt out from the proposal. The burning of ether made the supply of ether in the market more limited, as much of the ETH was used in ETH 2 contracts.O. a total of $ 183 million has been burned in the ETH so far. Market supply of the second-largest cryptocurrency continues to decline as demand approaches the ATH level.
ETH specifications are strong
Popular analyst ki young Ju said ETH looked more optimistic in the long term as the sell-side liquidity crisis would continue. He suggested that the technical aspects of Ethereum would give him an advantage in the second stage of this bullish race.
Technically, there may be some short-term adjustments to the $ ETH. However, I think $ eth could exceed $ BTC if the bitcoin price goes one way or rises.
Ki Yang, Zhu (@ki_young_ju), August 18, 2021
Young also noted that net foreign exchange flow in the month-to-month period indicated that a large number of ETs were pulling out of exchanges. The Brlow chart shows that traders are starting to move their ether offerings with price increases.
Source: CryptoQuant
JP Morgan, which went from a major bitcoin critic to the first private bank to offer at least half a dozen bits
