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Ethereum could see new all-time high before Bitcoin


August 21, 2021 · By Muhammad Awwal
Bitcoin (BTC), Ethereum (ETH)

Despite the spotlight on Bitcoin regaining $50,000, Ether remains optimistic following its successful London hard fork deployment earlier this month. According to new research, Ethereum’s native token, Ether (ETH), may beat Bitcoin (BTC) to new all-time highs.

A liquidity shortfall could ultimately contribute to propel ETH/USD to new historic high before BTC/USD, thanks in part to supply changes forced through via the hard fork.

Ki Young Ju, CEO of on-chain analytics provider CryptoQuant, noted a “sell-side liquidity crisis” in a tweet on Wednesday, which might give ETH the upper hand over BTC.

“Current $ETH price is closer to ATH compared to $BTC. Higher demand, lower supply. $ETH sell-side liquidity crisis still intensifies, while $BTC exchange reserve stopped its downward trend in May.”

BTC exchange reserve chart. Source: CryptoQuant




Bitcoin exchange reserves have been dropping in numbers since May, only to rebound in late July. BTC reserves fell to 2.44 million this week after reaching a high of 2.54 million on July 26.

Since late May’s local high of 21.43 million held on exchanges, ETH has been on a mainly straight slide. The current exchange balance is roughly 19.25 million as of this week.

Meanwhile, data continues to reveal that a supply shock is underway for Bitcoin, which has a history of causing price spikes in the cryptocurrency.

Bitcoin supply shock annotated chart. Source: William Clemente III/Twitter



Cointelegraph was used as a source.

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