Ethereum is one of the best performers of the past week, actually outperforming Bitcoin for the second time this year. Nevertheless, Ethereum prices have not actually managed to clear the new all-time high, despite Bitcoin rising nearly twice its previous all-time high of $69,000 since 2021. So, as ETH prices continue to be superior, analysts and experts across the space share their goals, but one analyst has revealed what will happen if there is a repeat of the 2021 surge.
Can Ethereum repeat 59x execution from 2021?
Prices quickly reversed in 2020, after Ethereum prices bottomed at around $30, following a market surge driven by COVID stimulus payments during lockdown. The following year, ETH prices rose to a total of 59 times, peaking in November 2021, reaching a new high of $4,800.
The rally coincided with Bitcoin’s four-year cycle, which has often predicted bull markets. Naturally, the four-year cycle is expected to be repeated this time, and it is possible that Ethereum will repeat this same rally. However, this time a similar rally could push ETH to the five-digit mark.
In X’s post, Crypto analyst Eric Connor exposed his prediction that Ethereum prices will only reach previous highs before they reach the top. Connor explained that the 30% remaining in ETH prices to reach a new peak is definitely not the end of the rally and still has a long way to go.
He points out that Ethereum was able to raise the lowest of 59 times in the final cycle, so ETH could be able to do half of that. A 29x rally means that prices could rise to $41,000 in this cycle, pushing ETH to a trillion-dollar market valuation.
Does ETH flip BTC?
Following Connor’s forecast, the concern was how high the market capitalization would be if Ethereum actually met this forecast. As one X user, Leo Stern, reply In the original post, ETH Price Once it reached the $41,000 mark, its market capitalization reached $5 trillion, more than twice the current market capitalization of Bitcoin.
However, analysts explain that this is not a problem as Bitcoin price reached $500,000. In this scenario, Bitcoin’s market capitalization exceeds $10 trillion, bringing things like gold and toes toes. Connor explained that as mass adoption increases, Ethereum can easily reach this $5 trillion market capitalization.
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