ETH and the cryptocurrency market have ended the recent drop in prices and appear to be recovering. Analysts see the value of LTC and EOS is making good gains.
Ethereum is aiming for a major price dip after the recent slump, and a hedge fund analyst sees ETH in a similar position to MySpace ahead of Facebook’s arrival.
In a May 31 article, Bloomberg suggested that ether would overtake Bitcoin as the world’s preferred cryptocurrency, while U.S. investment bank Goldman Sachs was recently bullish on ETH as well.
The largest altcoin “is likely to outperform Bitcoin at some point in the future as Ethereum will be superior in terms of innovation and developer interest,” said Tegan Kline of blockchain firm Edge & Node.
With governments looking to regulate or slow down the growth of Bitcoin, many are looking for the technical benefits of ETH.
Hedge fund investor Stanley Druckermiller was a little more skeptical and said:
I think BTC won the store of value game because it’s a brand, has been around for 13-14 years, and has limited supply.
Is it going to be gold? I dont know. It’s damn safe to make a good mock-up for the past year or two.
For Druckermiller, ETH is BTC’s MySpace for Google.
“I’m a little more skeptical whether it can hold its position. It reminds me a little of MySpace before Facebook, ”he said.
ETH price index
ETH is trading at $ 2,640 and is facing resistance above the $ 3,000 level for the week ahead.
Litecoin has seen its price collapse after hitting new all-time highs just a few weeks ago.
LTC price index
An analyst said that buying LTC for $ 360 is the same as buying ETH for the same price in 2020. LTC has since fallen to half that price and could be a valuable project for investors.
Twitter analyst @KongBTC said in a tweet that Litecoin offered the same outlook as Ethereum in October 2020 when it was around the middle of the three hundred levels.
Buying $ LTC for $ 360 now is the same as buying $ ETH for $ 360 in October ’20. this is the tweet.
Since the fourth quarter of 2020, ETH has hit further all-time highs with price growth of 1,000% before the most recent slump.
The bullish thesis on LTC surrounds the much anticipated Mimblewimble update that will bring privacy and fungibility. Developers have been working on the upgrade since late 2019, and the project’s lead developer, David Burkett, recently said the project is nearing completion.
“More of the same. Audits, reviews, tests, bug fixes and documentation. We’re approaching the finish line.”
Mimblewimble is the most significant implementation of Litecoin to date. Founder Charlie Lee described the update as the final piece of the puzzle to making Litecoin solid money. Lee said the story associated with cryptocurrencies is a major sticking point that speaks against them in this regard.
You have heard stories from Coinbase banning people from using their service when they found out that the coins you received were sent from, for example, a gambling website or a dark marketplace. That doesn’t make the coins very fungible.
Because of this, Lee sees upgrading to privacy and fungibility as critical to the future of Litecoin.
LTC’s founder also stated that he preferred the technology over other solutions as it enables cryptocurrencies to gain privacy without sacrificing scalability. That would be a win-win opportunity for LTC.
Lee also previously said it would scale better than Bitcoin, saying:
In some ways, it actually scales better than Bitcoin and Litecoin today, as it can do compact transactions, throw away inputs and outputs, the way it’s designed is actually very scalable, and it’s pretty impressive how it works.
EOS has had one of its best rallies over the past week, up more than 30%.
The coin hit an annual high at $ 14.88 but has fallen to a low of $ 3.50 in the past two weeks. EOS is now trading at the $ 6.00 mark, with the coin recently topped up with a $ 10 billion investment.
EOS price index
Block.one, the blockchain company whose longtime supporters include billionaire investors Peter Thiel, Alan Howard and Louis Bacon, is launching a crypto exchange that seeks to combine the benefits of traditional exchanges with those of decentralized finance.
The “bullish” exchange is capitalized by Block.one with approximately $ 10 billion in digital assets and cash. The seed capital for Bullish Global includes 164,000 bitcoins valued at around $ 9.7 billion, $ 100 million in cash and 20 million EOS tokens that power the Block.one transactions.
The EOS token hit highs of over $ 20 in 2018 but failed to benefit from growth in the cryptocurrency sector. Waning developer interest was seen as a headwind, but the new exchange could be a turning point for EOS.
The project now has a market cap of $ 6 billion and is trading at number 23 on the list of coins, but EOS was a mainstay in the top ten throughout the 2018-19 phase.
Disclaimer: The information contained herein is provided without taking your personal circumstances into account and should therefore not be construed as financial advice, investment recommendation, or as an offer or solicitation of transactions in cryptocurrencies.
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