Bitcoin may be responsible for triggering a titration wave for Ethereum (ETH). According to executive Chris Burniske’s prediction, the altcoin has a chance of trading at $7,500 after being pushed into the market by BTC.
For the specialist and partner of the PlaceHolder Investment Fund, when the price of Bitcoin is quoted at US$ 50,000, Ethereum will automatically be worth US$ 7,500.
However, to reach these values it will be necessary for Bitcoin Rush capitalization to reach US$ 1 trillion in the market, which will also cause an increase in Ethereum’s price.
Bitcoin capitalization drives Ethereum
The forecast of the expert Chris Burniske bets on an appreciation of the BTC and ETH cryptom currencies from the increase in the market value of Bitcoin.
Like BTC, other assets such as Ethereum should be affected by the growth in the capitalization of the cryptomoney market. The trading pair between BTC and ETH may return to its historical high (ATH).
According to Burniske, the price of Bitcoin will reach $50,000 with a market capitalization of $1 trillion. Therefore, for the specialist, this movement will allow Ethereum to be quoted in values higher than 7,500 dollars.
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The executive commented on the cryptcoin market forecast on Twitter last Sunday (14), recalling a publication on the future of Bitcoin, published in 2019.
In the message, the expert talks about the great adoption of Bitcoin and the expected price of cryptomoney in 2021. The growth of BTC’s market value will be responsible for the increase in the price of Ethereum by 3.100%, considering the current price of Altcoin at about US$ 233.
„If the BTC price is above $50,000 in the next cycle, and the ETH/BTC pair returns to its old ATH, expect to see the Ethereum price at $7,500.
Strong adoption in the crypto-currency market
In 2019, Chris Burniske published on the future of Bitcoin adoption and the expected price of cryptomoney, according to market capitalization growth.
The expert said in the publication that the price of BTC would be driven by a capitalization of 1 trillion dollars.
Also considering the volatility of the cryptomoney in the market, Chris identified that Bitcoin needs little variation to reach $50,000 and therefore Ethereum would be worth $7,500.
„As discussed in May 2019, if the price of Bitcoin is 50% as volatile in this cycle as it was in the previous one, we still expect it to exceed $50,000 and $1 trillion in net worth.