Ethereum has been one of the best performers in the past week, actually outpacing Bitcoin for the second time this year. Despite this, though, the Ethereum price has not actually been able to clear new all-time highs despite Bitcoin having risen by almost double its previous all-time high of $69,000 from 2021. Thus, as the ETH price continues to outperform, analysts and experts across the space have been sharing their targets, but one analyst has revealed what would happen if there is a repeat of the 2021 surge.
Can Ethereum Repeat The 59X Run From 2021?
Back in 2020, after the Ethereum price had bottomed at around $30, the price quickly reversed following the market surge fueled by COVID stimulus payments during the lockdown. Over the next year, the ETH price rallied by 59X in total to reach a new all-time high of $4,800, peaking in November 2021.
This rally coincided with the Bitcoin 4-year cycle that has often predicted the bull markets. Naturally, the expectation has been that the 4-year cycle will repeat this time around, and there is a possibility that Ethereum will repeat this same rally. But this time around, a similar rally could push ETH to the 5-figure mark.
In an X post, crypto analyst Eric Conner debunked the predictions that the Ethereum price would only reach its previous highs before reaching a top. Conner explained that the 30% left for the ETH price to reach new peaks is definitely not the end of the rally, and there is still a long way to go.
He points out that since Ethereum was able to rally 59X off its lows in the last cycle, then it is possible that ETH could do half of it. A 29x rally could mean that the price could rise as high as $41,000 this cycle, pushing ETH to trillion-dollar market valuations.
Will ETH Flip BTC?
Following Conner’s prediction, a point of concern was how high the market cap would be if Ethereum were to actually fulfil this prediction. As one X user, Leo Stern, pointed out in a reply to the original post, the ETH price reaching the $41,000 mark would put its market cap as high as $5 trillion, which is more than double the current market cap of Bitcoin.
However, the analyst explains that this would not be a problem because the Bitcoin price would have risen as high as $500,000. In this scenario, the Bitcoin market cap would be over $10 trillion, bringing it toe-to-toe with the likes of gold. Conner explained that Ethereum can easily reach this $5 trillion market cap as mass adoption ramps up.
Featured image from Dall.E, chart from TradingView.com
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