Analysis: After Bitcoin, when will the price of Ethereum (ETH) reach its previous highs?

Despite the domination Bitcoin However, in the field of digital currencies during the recent period Ethereum (ETH) price. It could skyrocket this year, surpassing $8,000 and potentially reaching $10,000 or more, depending... declared with that Juan Leondigital assets analyst in a company Bitwise.

This expectation is due to two main factors, according to the analyst:

Dencun upgrade, This upgrade will reduce transaction costs on Layer 2 networks, driving business and attracting demand from mainstream users. Juan León emphasizes that the positive effects of the upgrade will appear more clearly weeks and months after its implementation, as its results gradually begin to appear.
Read also: Will Ethereum’s Dunkin Update Really Lead to a Cost Revolution?

Spot ETFs: As a regulatory decision approaches in May, the potential approval of Ethereum spot ETFs is expected to generate significant excitement in the market. Especially with spot Bitcoin ETFs, launched in January, attracting a whopping $9 billion in investments.

In a report published last month, brokerage Bernstein said that deflationary Ether supply, an EigenLayer-led restructuring boom, and increased decentralized finance (DeFi) activity also support higher Ether prices. Ether.

When could ETH price reach all-time highs?

Unlike Bitcoin, which reached an all-time high this week. Ethereum price is still around 20% below its 2021 high.

History suggests that the market will follow a similar trajectory as the previous market cycle. Bitcoin led the recovery, while Ethereum and...Cryptocurrencies the smallest.

If history repeats itself, it must be overcome Bitcoin BTC Price $69,000 level. Before Ethereum could reach all-time highs.

At the end of November 2020, Bitcoin was nearing an all-time high of $19,000. While it was Ethereum (ETH) price. It is hovering around $600, 60% below its 2018 peak.

A few weeks later, Bitcoin decisively surpassed its previous all-time high price. The price of Ethereum began a multi-month rally, eventually reaching a high of $4,400 in May.