Goldman Sachs Sees More Potential in Ether Than Bitcoin – News Bitcoin News

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Bitcoin News 07 July, 2021 - 08:04pm 32 views

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Ethereum's long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.” Yahoo FinanceEthereum’s London Hard Fork Expected to Launch on Aug. 4

by Kevin Helms

Goldman Sachs shared its view on the future outlook for bitcoin and ether in a note published Tuesday. The investment bank’s analysts reportedly argued that ether’s real use cases could make the cryptocurrency the dominant digital store of value, overtaking bitcoin as the top cryptocurrency. They wrote:

[Ether] currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.

However, Goldman Sachs prefers gold, stating that neither cryptocurrency will be able to overtake gold anytime soon. The analysts explained that cryptocurrencies are not a direct competitor to gold as a safe haven asset due to their high volatility.

Goldman described: “Gold is competing with crypto to the same extent it is competing with other risky assets such as equities and cyclical commodities. We view gold as a defensive inflation hedge and crypto as a risk-on inflation hedge.”

Furthermore, the investment bank pointed out that the competition between different cryptocurrencies is hurting crypto’s ability to become a safe asset class for investors. Goldman concluded:

This competition among cryptocurrencies is another risk factor that prevents them from becoming safe haven assets at this stage.

Goldman Sachs is not the only one seeing more potential in ether than bitcoin. Jim Cramer, the host of CNBC’s Mad Money Show said he moved all of his money out of bitcoin and invested in ethereum for a similar reason cited by Goldman Sachs. In April, rival investment bank JPMorgan explained why ether was outperforming bitcoin.

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Market Wrap: Ether Outperforms Bitcoin; Sentiment Improves - CoinDesk

CoinDesk 08 July, 2021 - 12:44am

Ether is attempting to break above the 50-day moving average for the first time since March.

“We believe Ethereum and its burgeoning ecosystem will be the growth catalyst for the rest of the year,” wrote crypto asset management firm 21Shares in a Tuesday newsletter.

“Recently, ethereum hit a two-week high in anticipation of an upcoming upgrade called EIP 1559 potentially going live on Aug. 4, which will make ethereum a scarce asset by reducing the circulating supply of ethereum at every transaction,” 21Shares wrote.

Goldman Sachs published a report on Tuesday stating that ether’s use cases currently possess the highest “potential,” being the most popular development platform for smart contracts.

Ether is attempting to break above the 50-day moving average for the first time since March. A confirmed breakout would yield further upside towards $2,800 resistance. Similar to bitcoin, ether is consolidating after a volatile sell-off in May.

“Any weakness in the broader markets or reduction in liquidity can cause sharp down moves in bitcoin, and we continue to see this reflected in options data as puts trade at a premium to calls for July and August expiry,” Balani wrote. 

Other analysts expect bitcoin to level out as trading volumes continue to drop since the May sell-off. “We expect speculation in the spot and derivatives markets to stabilize for the foreseeable future, which will transpire into lower price swings,” 21Shares wrote. 

Even though trading activity has been relatively quiet over the past month, institutional investors are busy assessing cryptocurrencies as an alternative to traditional assets. 

“We have seen more large institutions inquiring about the space, including large banks and asset managers, as well as pension funds and even insurance companies,” wrote Florian Ginez, associate director of quantitative research at WisdomTree, in a Tuesday note. 

“Most of these [institutional] actors are still very early in their journey to get the green light to start investing in bitcoin, but this shows large institutions are keeping their eyes open,” Ginez wrote.

The chart below shows a rising 90-day correlation between bitcoin and ether this year. However, bitcoin and ether have become less correlated with the S&P 500, which could offer diversification benefits to traditional investors, albeit with higher volatility.

Though the decline corresponds with ether’s price drop, the downward trend in the gas price started in April, before ether’s price crash when the Ethereum gas limit was raised to roughly 15 million on April 22 and the Ethereum scalability solutions took off, according to CoinMetrics. Meanwhile, Flashbots has been helping to move decentralized finance (DeFi) arbitrage bots, which contributed to the high gas prices, off the Ethereum blockchain. 

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Bollinger Bands remained parallel, confirming that the asset was seeing lateral price movement, with lowered price volatility likely going ahead too. 

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Bollinger Bands remained parallel with only a slight divergence at press time. Ergo, some market volatility can be expected in later trading sessions.

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Anushmita is a full-time journalist at AMBCrypto with a background in Mass Communication. She is inclined towards writing about the socio-political aspects of the crypto market and also has an interest in analyzing market trends.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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