By
Temitope Olatunji
April 18th, 2024
Scott Melker is more optimistic and bullish on Ethereum rather than Bitcoin. Using ETH is not easy, but “the amount of building that’s happening on Ethereum, the amount that was staked in an Ethereum 2.0” demonstrates that Ethereum is performing exceptionally well.
Professional crypto trader Bitcoin (BTC) veteran and the host of a famous “The Wolf Of All Streets Podcast” Scott Melker gave an exclusive interview to Cointelegraph in which he shared his opinion on the latest altcoin rally. Besides, Scott Melker explained why Ethereum (ETH) is likely to outperform Bitcoin in the next months and how its price can hit $10K.
Bitcoin and Ethereum in 2020
According to Scott Melker, 2020 was “a banner year for the crypto space”. Everybody was expecting the crypto market to collapse, but the crash did not happen. If to compare last year’s performance of Bitcoin and Ethereum, the latter posted a significant gain in 2020, as its price increased by more than 450%, while Bitcoin gained over 200%. But the most important thing is that regardless of analysts’ expectations, cryptocurrency prices skyrocketed to new highs as fears of macroeconomic instability drove investors toward new asset classes.
Scott Melker explained:
“Last March, everyone was saying it was dead and going to zero. And I think that, you know, it’s proven they were wrong. It’s here to stay. Regulators are looking at it. I think it’s going to become another normal asset in your average investor’s portfolio in the coming years. So I don’t see why it would drop dramatically. I do think eventually we’ll see less volatility as a result when it becomes more normal and standardized. So maybe the exponential upside that we had for years will slowly diminish with Bitcoin itself. And we’ll see some of that move into altcoins and smaller projects.”
As we reported before, Bitcoin became an alternative to gold not just in the crypto world, but on traditional financial exchanges as well. As for Ethereum, it spent the whole year preparing for a transition to the PoS consensus algorithm. As a result, it saw the growing popularity of DeFi tokens created on the Ethereum platform.
How Ethereum Can Reach $10K in 2021?
In the interview, Scott Melker said he is more optimistic and bullish on Ethereum rather than Bitcoin. Using ETH is not easy, but “the amount of building that’s happening on Ethereum, the amount that was staked in an Ethereum 2.0” demonstrates that Ethereum is performing exceptionally well. Besides, the trader believes that Ethereum can reach $10,000 in price by the end of this year.
Melker stated:
“A lot of people have been throwing around $100,000 for Bitcoin, and I don’t know what, $10,000 may be for Ethereum.”
In the short term, he is looking for $3,600 for ETH. It is almost twice as high as the current price of $2,133.