Bitcoin Or Ethereum, Which Will Hit ATH First? – Coinpedia Fintech News
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The Bitcoin price continues to trade close its its key resistance level of $52,000 with the Ethereum token hovering close to the $3000 mark. The crypto industry has experienced a significant uptrend this month with major tokens witnessing massive inflow in their respective portfolios.
With the prediction of the top 2 tokens potentially achieving a new all-time high this year, investors are fidgeting about their investment plans in these tokens. To clear the doubt, this article consists of potential price targets for both tokens for this year.
The market leader, Bitcoin, started the year 2023 positively by adding approximately 40% within the first month. Further, the BTC price concluded the year with a return of 108.74, making it a bullish year for the token. Bitcoin displayed a neutral trend for the first month of 2024 by adding less than 1% to its portfolio.
However, the star crypto regained momentum and has recorded a jump of approximately 21% over the first three weeks of February. Positively, the Cross EMA 50/200-day acts as a support to the price chart, suggesting a bullish sentiment for the coin in the market.
At the time of writing, the BTC price was only 35.04% away from its new all-time high (ATH), and with the current market sentiments and the upcoming Bitcoin halving, the BTC price is predicted to conclude the year 2024 with a price tag of approximately $100,000.
The Moving Average Convergence Divergence (MACD) shows a rising green histogram, indicating an increase in the positive price action of the coin. Moreover, the averages show a constant rise, highlighting a strong bullish sentiment in the crypto space.
Ethereum displayed a positive uptrend for the first half of the year, following which the altcoin lost momentum and recorded a neutral trend for a brief period. As the industry moved toward Q3, the ETH price started trading under a bearish influence. However, the bulls regained momentum and successfully broke out of their major resistance level in November.
Following this, the Ethereum token displayed significant price fluctuations during the first month of 2024. The altcoins gained massive momentum during this month, resulting in ETH price adding 33.5% and successfully reclaiming the $3000 mark for the first time since April 2022.
On the other hand, the leader of altcoin, Ethereum price is 64.07% away from its all-time high of $4,860. Positively, the market sentiments display a strong bullish sentiment, indicating a potential bull run in the coming days which could result in altcoins gaining massive momentum.
The technical indicator, MACD, shows a constant green histogram, highlighting an increased buying-over-selling pressure in the market. Further, the averages display a rising pattern, suggesting the price will continue gaining value in the coming time.
Looking at the current price and market sentiments, the Bitcoin price has the upper hand when compared with Ethereum as it is approximately 35% away from with new ATH, whereas ETH needs a jump of 64% to achieve its next all-time high.
However, a potential altseason may result in ETH-based tokens gaining massive momentum which could further conclude with the Ethereum token recording a new high by the year-end.