Famend market dealer Peter Brandt has waded into the Bitcoin (BTC) versus Ethereum (ETH) debate, casting doubt on the long-term prospects of the latter.
Peter Brandt did not hold back his criticism of Ethereum as a protocol, re-affirming why he has gained recognition for his arduous work as an analyst within the business. He believes there isn’t a foundation for putting Ethereum facet by facet with Bitcoin as the previous can’t be in comparison with the latter as a retailer of worth.
Ether $ETH will not be corresponding to $BTC as a retailer of worth. Why hodl ETH when you possibly can hodl BTC
And the performance and fuel worth of ETH make the crypto a chunk of junk
My prediction is that ETH might not even be a listed asset in 10 years https://t.co/4WQ7wnFWEO— Peter Brandt (@PeterLBrandt) December 14, 2023
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This remark from Peter Brandt deviates from a number of bullish predictions that foresee Ethereum ultimately “flipping” Bitcoin within the close to future. One of many newest of those predictions got here from JPMorgan, the banking big that sees Ethereum outpacing Bitcoin in 2024, driving on the EIP-4844 or Protodanksharding improve.
Peter Brandt Settles Ethereum-Bitcoin Argument
In keeping with his submit on X, Peter Brandt requested an important query as he sought to know why buyers select HODL Ethereum after they can HODL Bitcoin, which he believes is a greater retailer of wealth.
The highest analyst went on to name out the draw back of Ethereum: the costly fuel charge. To him, Ethereum’s performance and fuel charge make the digital forex a “piece of junk,” an announcement some understand to be fairly harsh. Brandt additional predicted that Ethereum “might not even be a listed asset in 10 years.”
When referred to as out for exhibiting dissenting opinions about Ethereum as in comparison with different high specialists within the house like Raoul Pal, Brandt didn’t recant his take however implied he has nice respect for specialists with a divergent view on the topic.
Brandt has all the time been essential of Ethereum. In August, the veteran dealer argued that Ethereum will not be decentralized. He additional called it a “piece of crap” cryptocurrency in a essential submit final June.
Particular Notice to Ethereum Bulls
According to Peter Brandt, Ethereum bulls have to maintain a detailed eye on the ETH/BTC worth chart, which is buying and selling above the 0.04803 degree. The analyst stated that ought to this degree maintain, then the upcoming funeral for Ethereum will probably be delayed.
Hey ETH bulls, from a chart standpoint you could hope $ETHBTC can maintain above .048xx. If this degree holds, then the funeral for $ETH will probably be delayed. pic.twitter.com/u4keL5Elqv
— Peter Brandt (@PeterLBrandt) December 15, 2023
Ethereum maintains a really shut correlation with Bitcoin, with comparable worth modifications usually seen within the worth motion of each cash. In the meanwhile, Bitcoin is buying and selling for $42,655.59, down 0.41% in 24 hours, and Ethereum has dropped by 0.32% to $2,278.
Unsurprisingly, each tokens have an uptick in buying and selling volumes. Notably, the duo is more likely to get a spot in ETF product monitoring ought to the US SEC select to string on a special path of historical past within the coming weeks.
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Disclaimer: This content material is informational and shouldn’t be thought of monetary recommendation. The views expressed on this article might embody the creator’s private opinions and don’t replicate The Crypto Fundamental’s opinion. Readers are inspired to do thorough analysis earlier than making any funding choices. The Crypto Fundamental will not be chargeable for any monetary losses.
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