The second-largest crypto asset by market cap, Ethereum (ETH), has more upside potential, according to analytics platform Santiment.
The crypto analytics firm says that Ethereum is likely to soar above the $2,000 price after hitting a high last reached seven months ago over the weekend.
“Ethereum’s price hadn’t eclipsed $1,840 since August 18th. Despite this seven-month high, the network hasn’t appeared to heat up and create notable transaction barriers due to high demand. This is a good sign that ETH has a door open to $2,000 and beyond.”
Despite the price jump, Santiment says that Ethereum’s transaction fees fell below $2 when ETH hit a seven-month high compared to rising above $8 earlier this month when the second-largest crypto fell to a two-month low.
A Twitter survey conducted by Santiment over the weekend also indicated that there are more people who believe Ethereum will rise above $2,000 first than those who think it will drop below $1,600 first. Nearly 10% of the respondents said they see Ethereum soaring above $2,000 next while 5.2% said they see ETH falling under $1,600 next.
On Bitcoin (BTC), Santiment further says that March’s rally is legitimate. According to Santiment director of marketing Brian Quinlivan, Bitcoin’s rally has coincided with the banking sector’s meltdown.
“With the calendar past the halfway mark in March, Bitcoin has gone on another tear, breaking above $27,800 for the first time since June, 2022.
So why did prices manage to soar? Well, there were a few different key events in the first half of March.
The most obvious appeared to be the collapse of one of the larger US banks, Silicon Valley Bank (SVB). And it appears this has caused massive ripple effects among the banking sector, in general.”
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