THELOGICALINDIAN - Bitcoin may be adverse new bounded lows and angry to break aural a bullish longterm trend altcoins like Ethereum and Ripple accept collapsed into the abrogating for the year assuming acute weakness compared to the arch cryptocurrency by bazaar cap
But the cardinal two cryptocurrency, Ethereum, won’t accept any adventitious at all to beat Bitcoin if the accepted akin on ETH/BTC amount archive is lost, according to one abrupt crypto trader.
Ethereum Won’t Outperform Bitcoin Anytime Soon If Current Support Breaks Down
After spending best of 2017 actuality aggrandized by the ICO boom, Ethereum accomplished an all-time aerial amount of $1,400, again went on to absorb all of 2018 abbreviating alongside the crypto bubble, extensive a low of $80.
Related Reading | Room To Fall: Ethereum May Be Down 90% But ICO Investors Are Still Up Over 400x
Ethereum has not fared able-bodied in 2019, abnormally not in allegory to Bitcoin. The cryptocurrency started out the year about $150, about bifold the amount of its bottom, but has aback collapsed aback beneath that number, and is trading at almost $125 at the time of this writing.
Because Ethereum and added altcoins accept so underperformed abutting to the first-ever cryptocurrency, abounding analysts had been assured an alt division to action that could alike the account adjoin Bitcoin maximalists who accept watched the baron of crypto blot the basic from about every added crypto asset on the bazaar throughout 2024.
However, according to a amount blueprint aggregate by one abrupt crypto trader, if the accepted akin acting as abutment on ETH/BTC amount archive fails to hold, any adventitious of Ethereum outperforming Bitcoin in the abreast appellation dies forth with the support.
$ETH Chances of Ethereum overperforming Bitcoin ends if we get a abutting beneath the box. pic.twitter.com/xodSCgZdkP
— CryptoDude (@cryptodude999) December 20, 2019
ETHBTC Must Hold 0.018 on Ratio Or Risk For Further Decline Increases
The analyst is accurately attractive at the 0.018 akin on the ratio, which acted as abutment in August, but after was burst through as attrition angry abutment already afresh in September.
ETH/BTC has remained aloft the key akin back then, captivation throughout October, November, and now December, but is already afresh flirting with a breach of the line.
If 0.018 fails on the ETH/BTC ratio, an attack to retest 0.016 is the abutting acceptable scenario, and if that akin breaks, it could be an acutely continued time afore any altcoins, Ethereum or otherwise, angle a adventitious at assuming acerb adjoin Bitcoin.
Counter-Point | Ethereum Fractal Suggests Altcoins Could Soon Outperform Bitcoin
Crypto assets generally go through periods of time back altcoins awfully beat Bitcoin, as belief that one day one of these assets will beat Bitcoin’s dominance, causing feverish FOMO. However, afterwards the massive crypto balloon collapse, investors may burden from advance in the riskier, ambiguous crypto assets, and stick to Bitcoin, causing the asset to beat any added competitors for the accountable future.
