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Home Technical analysis ETH

Asset Manager Who Predicted Ethereum Outperforming Bitcoin: The Trend Is “Done”

Tony Spilotro by Tony Spilotro
6 months ago
in ETH
Reading Time: 3min read
ethereum bitcoin trend done

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Bitcoin has done well for itself in 2020, making it the top mainstream investment of the year so far. But deeper in the crypto market, Bitcoin’s gains look meager next to even its next closest asset in line, Ethereum.

Ethereum and DeFi tokens outperformed Bitcoin easily this year so far, but that trend is “done” according to an asset manager. The same asset manager also nailed calling the initial rise against BTC, and they very well could be correct again about what’s to come next.

Ethereum Is “Done” Outperforming Bitcoin, According to Asset Manager Avi Felman

Since early 2018, Bitcoin has trounced altcoins and sent them into apocalypse mode. While the first-ever cryptocurrency fell only 84% to its bear market bottom, altcoins, even the most prominent ones like Ethereum fell over 90% and then some. Several eliminated as much as 99% from their valuations.

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Calls for altcoin season, often led by Ethereum or Litecoin, had become the butt of jokes. The once-popular opinion fell out of favor, until Avi Felman, head of trading at crypto asset management firm BlockTower Capital, did so again mid-June.

Related Reading | XRP Up-Move To Leave Bitcoin And Tether Traders “Sidelined”

From mid-June forward when Felman presented a “bull case” for Ethereum far outperforming Bitcoin, the top-ranked altcoin and blockchain central to the DeFi trend, Etheruem, did just that.

Now Felman says that this change in trend is “about done,” which means a reversal or potentially some stagnancy between the two top crypto assets.

ethbtc ethereum bitcoin

ETHBTC Daily Triangle Overperformance "Done", Wedge Underperformance Coming | Source: TradingView 

ETH/BTC Ratio To Drag Down DeFi, Other Altcoins Could Benefit

If the Ethereum ratio further falls against Bitcoin, it could be far worse for DeFi tokens still up an enormous amount due to the sudden flood of capital into the low-cap illiquid coins.

DeFi tokens are already down an average of about 60% across the board, with Yearn.Finance, Uniswap, Sushi, and several others performing the worst of the bunch.

Related Reading | Ethereum Leads DeFi Tokens On A 60% Average Fall From Summer Highs

Ethereum has held up relatively well comparatively, but if the second-ranked cryptocurrency behind Bitcoin, starts to fall on its ratio also, DeFi is in a lot worse trouble.

Felman didn’t share any comments referencing DeFi, but Ethereum being so central to the trend and showing such weakness, could drag these tokens down further.

Money from the DeFi trend could flow into not only Bitcoin but other non-DeFi altcoins like XRP, that have since lagged behind the rest of the market.

XRP, for example, has been showing signs that its ready to regain some lost ground against both Bitcoin and Ethereum, and could benefit enormously from the flood of funds coming back out of decentralized finance.

Featured image from Deposit Photos, Charts from TradingView
Tags: altcoinasset managerbitcoinbtcbtcusdBTCUSDTcryptoETHethbtcEtherethereumethusdETHUSDT
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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