Ethereum might be ready to outperform Bitcoin. Check out more details about this below.
ETH vs BTC
Benjamin Cowen, a cryptocurrency strategist, is sharing his thoughts on the future performance of Ethereum (ETH) compared to Bitcoin (BTC).
Cowen, in his latest YouTube video, informs his 783,000 subscribers that Bitcoin’s market dominance chart (BTC.D) is showing a strong upward trend, indicating that a significant portion of the total cryptocurrency market capitalization belongs to BTC.
The crypto analyst has observed that the Ethereum versus Bitcoin (ETH/BTC) chart seems to be moving in the opposite direction.
“To me, this just looks one higher low after another for Bitcoin dominance.
And for Ether/Bitcoin, it just looks like one lower high after another, right? Just one lower high after another.
Every time we get a lower high, everyone screams from the rooftops that this is it and the flippening is finally here. You fast forward a few more weeks and you just look back and guess what? It’s just another lower high.”
Bitcoin parabolic rally is here
As per recent reports, a well-known crypto strategist predicts that Bitcoin (BTC) is preparing for a significant surge as the crypto leader shows a positive signal on its daily chart.
A recent YouTube video featuring analyst Kevin Svenson noted that Bitcoin’s daily chart has shown a crossing of the moving average convergence divergence (MACD) indicator.
The MACD is a momentum indicator that traders use to watch possible trend reversals.
As per Svenson, Bitcoin has shown a strong surge on two occasions when the daily chart’s MACD displayed a bullish crossover.
“These daily MACD crossovers can sometimes be just the beginning of a much larger move. We saw this earlier in March with a 45% pump coming right after our daily MACD cross-up, and earlier this year when we crossed up. We went from about $16,000 to over $20,000, $23,000, and $24,000.”
