Ethereum Is Outperforming Bitcoin in 2021

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Last Updated on 30 April 2021 by CryptoTips.eu

Jeroen Kok

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JP Morgan, America’s largest business bank, admits that Ethereum currently looks better than Bitcoin. Not only because Vitalik Buterin can still make changes to the coin’s blockchain and thus increase its possibilities (a feat the unknown Satoshi Nakamoto cannot implement to Bitcoin). But even from a technical perspective it has performed better than Bitcoin in 2021.

In a note to investors, JP Morgan advised it’s customers in this manner, when responding to the recent selloff in crypto of last week, it said:

Both BTC and ETH experienced a comparable liquidity shock earlier this month which triggered a comparable de-levering event of their respective derivatives markets in subsequent days.

With that, it noted that Ethereum was able to recuperate losses faster than Bitcoin.

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Institutional investors

It furthermore admitted that Ethereum is now also witnessing institutional interest from various companies, and would probably continue to do so in the future, due to the fact that Wall Street firms prefer to hedge their bets and therefore diversify their holdings in crypto.

eToro analyst Simon Peters also noted that Ethereum is gaining ground on Bitcoin (which has seen its dominance in the crypto market fall recently), stating:

Underlying this is demand from institutional investors. While they may now have some exposure to Bitcoin, institutions are now diversifying their exposure and Ethereum is the natural next pick, and that leaves the second biggest cryptoasset by market cap well placed to benefit further.

According to technical analyst Scott Melker, Ether will hit $3,000 before the summer begins, and he even believes it could go as high as $10,000 next year.

The next few weeks and months will tell whether Ether is ready to give Bitcoin a run for its money.

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