In recent days, the price of Ethereum has significantly increased, raising questions about the future of this asset and its comparison with Bitcoin.
Ethereum Price Increase
The price of Ethereum has surged by 20% over the past week, nearing its all-time high of $4,891.70. Currently, Ethereum is trading at around $4,267, which is almost 13% below its record set on November 16, 2021.
Samson Mow's Thoughts on Ethereum's Future
Samson Mow, a prominent analyst, expressed doubts about the sustainability of Ethereum's rise. He stated that "no one wants ETH in the long run" and predicted a "pump and dump" cycle. He referred to it as a form of "Bagholder’s Dilemma" which emphasizes increasing selling pressure as prices rise.
Comparison with Bitcoin
Bitcoin's dominance in the market has dropped from 63.8% to 59.9% over the past week, indicating a capital rotation towards smaller altcoins. Nonetheless, Mow reassured that "Ethereum has always been a vehicle for those people to get more Bitcoin," highlighting the historical dynamics of investment migration between these assets.
The Ethereum market exhibits active growth, but experts warn of a potential imminent pullback. Investors will continue to closely monitor the dynamics of both Ethereum and Bitcoin.
