Ethereum makes the bullish jump, surpasses $300 against USD, Next target pointing to $1000
ETH is expected to reach heights even before Bitcoin attains the all-time high position
The probable reason for Ethereum's bull run could be the release of the Etherum 2.0 roadmap.
Will Etherum Hit $1000 Before Bitcoin Break $10K?
Ethereum, the second-largest cryptocurrency is expected to have a major bull run near future. At press time, Ethereum price has crossed the $300 mark after swinging in a very narrow range of $250-$280 for 4-5 months.
The probable reason for the major uptrend in the coming days could be the release of the Ethereum 2.0 roadmap, where-in the first release is anticipated by this year-end. The announcement might have increased the ETH demand.
The other reason would be the surge in the trader’s interest in the Defi platforms built on Ethereum. The fiat volume locked in Q2 in Defi has risen by more than 30 percent. Currently, more than $3 billion is locked across various Defi protocols.
The second quarter witnessed a hike in the Ethereum price and also soared new heights in terms of trading activity. Cryptocurrency on-chain market analyst Santiment also said that ETH breaking out across $300 signifies the major uptrend but crossing $350 would be more vital.
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ETH followers Expecting Bull Chase By End of 2020
Considering the market trend of Ethereum, many analysts and ETH followers expect a bull chase by this year-end. The competition between Bitcoin and Etherum has been kicked off recently when the Bitcoin hash rate attained its all-time high post halving event. And the Ethereum 2.0 announcement has soared the prices of ETH.
Therefore, it’s very interesting to witness whether Ethereum will reach $1000 before Bitcoin reaching $20000. One of the high profile Crypto Twitter account, The Moon, tweeted in the same context.
Well, most of them agreed with the fact that Ethereum would outperform BTC with the surge in its price. On the other hand, the bitcoin price is predicted to be around $14000 by August 2020. At the time of reporting this, Bitcoin broke the mark of $10200 against USD, surging by over 3 percent within the past 24Hrs.
However, according to Bitcoin bull Bobby Lee, BTC’s bull run will start later this year. He however hints at a $15 or $20K price target for Bitcoin. He however bet on his previous prediction which reads as follows.
If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019. And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.
Can Defi Products on Tron ever soar in the market?
The Defi platform gaining momentum in the market and the possible reasons for the surge in ETH price, other altcoins also wish for the same bull run. Recently, Justin Sun, founder of TRON, tweeted his desire to build Defi products on top of the TRON platform.
As per Sun, the Defi products built on TRON will probably have 10 times lesser gas fee and 200 times faster speed when compared to the Ethereum platform. His tweet was followed by a user tweeting the market cap of Tron which is said to be 30 percent.
He also said that TRON’s cheap fees will flip the USDT market in the next few years. However, the netizens shared a different view and suggested Justin Sun to concentrate on his projects rather than competing with ETH.