Bitcoin has dominated the cryptocurrency market for a long time, but there is a sense of belief amongst some quarters that Ethereum would soon replace it as the leading crypto.
Standard Chartered Predicts Ether At $35,000
British banking giant Standard Chartered is very optimistic about the Ethereum network and believes its Ether coin would outperform Bitcoin in the long run. The banking giant published its first reports on the cryptocurrency market earlier today and revealed that it is more optimistic about Bitcoin than Ether.
Standard Chartered’s global research team led by Geoffrey Kendrick stated that Ethereum could be described as a financial market. On this market, various activities such as lending, insurance, and exchanges are carried out. The team further added that they view Bitcoin as more of a currency.
Due to the broader use cases for the Ethereum blockchain compared to Bitcoin, the analysts believe that Ether’s total market cap will catch up to that of Bitcoin over time. The analysts put Bitcoin’s value between $50,000 and $175,000 over the long term. Ether, on the other hand, has a prediction of between $26,000 and $35,000. However, for Ether to reach that level, the team believes that Bitcoin would need to trade at $175,000 per coin.
Ether reaching the $35,000 mark would represent nearly 1000% increase in price from its current value. Meanwhile, BTC at $175,000 would only represent around a 350% increase from its current value.
If Ether were to reach the $35,000 price, its market cap would surpass that of Bitcoin, and it will become the leading cryptocurrency in terms of market capitalization.
Bitcoin And Ether Are Recovering From Recent Lows
Bitcoin and Ether are both recovering from the bearish performance experienced over the summer. Bitcoin dropped below the $30k region in July as the bears gained control of the market. However, BTC has now bounced back and is trading around the $52k region.
Ether, on the other hand, dropped below the $2,000 resistance level. ETH’s price has seen gone up by over 80%, and it is now trading above the $3,700 level.