In a recent video, senior analyst at Coin Bureau Mike Jenkins discusses the most common question these days: can ETH finally surpass Bitcoin? The analyst shares his predictions for the leading altcoin ETH, looking at the broader institutional adoption, protocol upgrades and valuation metrics. He also explains why he is buying more of the leading altcoin ETH.
Mike Jenkins: Leading altcoin ETH could be at these incredible levels
At the beginning of the video, the analyst cites a perspective from Arthur Hayes, who is also the co-founder of BitMEX. According to the analyst, Arthur Hayes wrote a post explaining why ETH is so valuable. The analyst said:
Defi wrote a blog post valuing it from the perspective of its destructive power. He looked at the performance of banks in the last 10 years and explained how they failed to provide a return to their shareholders. He then looked at ETH based on the amount of “revenue”, which is GAS used, and compared it to a fiadol. On an average price/revenue basis, if ETH returns to its average rate, that would mean a price above $32,000. You can also use it to determine what price ETH will be at soon.
Wall Street’s view of Ethereum…
According to the analyst, Mathew McDermott, head of digital assets at Goldman, was more bullish on Ethereum than Bitcoin, and this was mainly due to the utility found in the network. The analyst said:
There are more use cases for this. As a commodity researcher, he is of the view that any “store of value” should also have an alternative use case. Most decentralized finance applications are built on the Ethereum network, and most of the free tokens issued are purchased using Ether. The higher number of transactions in Ether versus Bitcoin reflects this dominance.
Coinshares: funds flowing into Ether investment products with the highest
Also notable is that in the last 12 months, Ethereum price has far outstripped Bitcoin, and Ethereum is about 1% compared to 300% of Bitcoin, even when taking into account the price crash of the past week. 000 gains in value. There was also an internal report from Goldman saying that ETH is likely to topple Bitcoin. Goldman also began offering Ether futures and options to its clients. Mike Jenkins shares his latest Coinshares Report, which shows investors buying products like ETPs and ETFs. The report includes the following statements on the subject:
In the first week of June, funds flowing into Ether investment products were the highest. Then, just a week after the train saw it continue, flows to Ether were almost 3x the sum of all other flows.
The analyst believes that investors are not buying ETH just to keep it in their wallets. Also, according to the analyst, they are staking this to earn these ETH 2.0 returns. Cryptocoin. com , as we previously reported, for more altcoin news “Altcoin Oracle: I Sold All My ETH and Bought From This Altcoin!” You can review our article. Ethereum (ETH) price and detailed market data here
Disclaimer: Cryptocoin. The articles and articles on com do not constitute investment advice. Cryptocoin. com does not recommend buying or selling any cryptocurrencies or digital assets or Cryptocoins. com is not an investment advisor. Hence Cryptocoin. com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Cryptocoin. Citing the news content of com and quoting by giving a link Cryptokoin. com’s permission. No content on the site can be copied, reproduced or published on any platform without permission. Cryptocoin. Legal action will be taken against those who use code, design, text, graphics and all other content of com in violation of intellectual property law and relevant legislation. .