Scott Melker, a professional trader believes Ethereum (ETH) has “tremendous upside potential” and could outshine bitcoin this year, according to Cointelegraph. That’s good news for ETH holders.
In his exclusive interview with Cointelegraph, the trader said that he sees “this period of Bitcoin’s price consolidation as particularly bullish for the second largest cryptocurrency,” as ETH reaches a new all time high. Melker also believes “Ether’s outstanding performance is the main catalyst of the recent altcoin market bull run.”
Recently, Melker has been largely switching his dollar-cost averaging strategy from Bitcoin to Ether in the last few months, in order to take advantage of Ethereum’s “tremendous upside potential”, saying, “It’s like investing in the Internet in the early 1990s to me.”
He also suggested that ETH could reach $10k this year, saying: “I don’t see why that’s crazy. It’s basically just under a five X from here. […] Bitcoin did almost three times that last year.”
If you would like to watch the full interview with Melker, and also get his views on XRP and other large-cap altcoins, watch the full interview on Cointelegraph’s YouTube channel.
Bitcoin also set for a higher price?
Bitcoin on-chain data reveals that speculators and long-term holders have become increasingly confident of higher prices as their selling activity has slowed down significantly. Even the short-term speculators who usually add to the daily sell pressure toward the end of a market cycle have become increasingly confident of higher prices and are holding onto their Bitcoin.