Ethereum (ETH) All Set To Repeat History Once Again

Ethereum (ETH) All Set To Repeat History Once Again

Chart for ETH/USD (1W) Ethereum (ETH) is all set to repeat history once again as the price prepares to rally after an extensive correction. The chart looks the same as it did last time before Ethereum (ETH) rallied more than 5000%. The correction has resulted in plenty of negative sentiment and a lot of you are going to find the 5000% rally ludicrous. It is true that the growth rate for most of these projects has to slow down as their market cap grows. However, most cryptocurrencies apart from Bitcoin (BTC) have yet to reach the full extent of their dominance. Before they reach their dominance ATH, we can certainly expect a 5000% rally in the foreseeable future.Bitcoin (BTC) has already reached an ATH in terms of dominance and therefore we can expect its growth rate to slow down now that its dominance has decreased and money is flowing into other coins. Ethereum (ETH) on the other hand also had a good run against Bitcoin (BTC)’s in terms of dominance but there is still plenty of room for growth. Te cryptocurrency could definitely see aggressive growth in the next few years especially if we see Ethereum (ETH) Futures and ETFs in the months ahead. That being said, its growth rate will still be far less compared to most altcoins that are ready to make even more aggressive gains during their next cycle.

Last month, a report from the International Monetary Fund (IMF) stated that the cryptocurrency market could grow 5000%. Most of the time when we see markets rally, we see fundamentals coming in support of technicals that are ripe to act on. For instance, when Bitcoin (BTC) topped out during 2014, we saw Mt. Gox chop it down to size. Similarly, this year when Bitcoin (BTC) topped, we saw events like China bans, regulatory crackdowns and other similar measures bring the price down. Considering that Ethereum (ETH) is ready for a massive rally this time, we should be able to see events that develop in order to support the underlying price action. This time around, the events might have to do with Ethereum (ETH) adoption more than the technology itself. Either we may see adoption in the form of Futures and ETFs or we may see large corporations using Ethereum (ETH).

Chart for ETH/BTC (1W)

We have already seen tech giants like Microsoft cozy up to Ethereum (ETH) just like IBM is working with Stellar (XLM).  Moreover, the cryptocurrency is also done with its correction and is now on the radar of large institutional investors looking to fill their bags before the next rally. Considering the state of financial markets worldwide, traditional investors and traders have already been preparing to get into cryptocurrencies. This time when the market recovers, we are likely to see big institutions like JP Morgan and Goldman Sachs formally enter the world of cryptocurrencies. Ethereum (ETH) being the second largest coin by market cap is definitely going to form a part of billion dollar portfolios.

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