Chris Burniske, former head of crypto division at ARK Invest, shared his views on Ethereum’s price action against Bitcoin.
In Burniske’s view, after two years of consolidation, Ethereum is ready to make a breakthrough against the leading cryptocurrency Bitcoin. Ethereum last made such a price jump in May 2021. At that time, in a little over a month, ETH had gained more than 150 percent against BTC and had previously remained in consolidation for 931 days.
Can Ethereum Overthrow Bitcoin?
If the boom Burniske speaks of does materialise, it can be assumed that it will be smaller than last time, given that the current consolidation took about a third of the previous one and thus the amount of energy accumulated is also lower.
It is also a matter of curiosity whether Ethereum will renew its all-time high against Bitcoin in case of potential liquidity flow. Currently, this mark is set at 0.1564 BTC per ETH, which is 123 percent higher than the current price of Ethereum.
Finally, a potential price breakout could answer the question of how close the flippening is. It has been rumored that Ethereum will replace Bitcoin as the largest cryptocurrency since the market’s emergence, but currently, ETH is still only 43 percent of BTC in terms of capitalization.
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