ETH, Similar Uptrend To The 2017 Bull Market…Possibility Of Overtaking Bitcoin

Ethereum (ETH) is showing a strong upward trend recently, with analyses suggesting it resembles the bull market pattern of 2017. BeInCrypto cited multiple analysts diagnosing that "the current rise of Ethereum is overwhelming Bitcoin and recreating the flow of past bullish markets."

Nick Tomaino, founder of cryptocurrency venture capital 1confirmation, explained that "Ethereum is the platform where most innovations occur, such as stablecoins, DeFi, NFT, prediction markets, decentralized identity, and social networks," and that "major companies like Coinbase, BlackRock, Fidelity, Stripe, and Visa are building infrastructure on the Ethereum ecosystem."

Tomaino further stated that "Bitcoin is favored as digital gold by institutional investors, but it is lacking in functionality for actual user inflow," and forecasted that "Ethereum will eventually surpass Bitcoin."

Additionally, Jim Bianco, founder of macro and ETF research firm Bianco Research, analyzed that "this rise in Ethereum's price marks the largest three-day increase since January 2021," and that "further increases may continue in the coming weeks."

Experts are assessing that Ethereum's strength could lead to a structural rise rather than a short-term rebound. Particularly, as global financial institutions expand infrastructure based on the Ethereum ecosystem, there is an opinion that Ethereum's market share might surpass Bitcoin.