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A popular crypto currency analyst has suggested that the leading smart contract platform Ethereum (ETH) and altcoins could outperform Bitcoin (BTC). Crypto analyst Jason Pizzino stated that the altcoin market is gearing up for a significant rally, as represented by the ETH/BTC ratio.
Bitcoin’s 2021 Cycle
According to the analyst, if history repeats itself and the ETH/BTC ratio behaves as it did when Bitcoin reached its cycle peak in 2021, investors can expect a breakout in the coming months. The crypto analyst’s chart suggests this could happen in May or June. The analyst said:
The market still seems to be preparing for a mega 37-fold potential return for altcoins. ETH/BTC is somewhat a proxy for the altcoin rally. The key point here is this: we had a month when Bitcoin reached its all-time high, followed by a decline the next month, and then ETH made a significant rise from there. So if things are similar to last time, maybe this is a downturn because Bitcoin is moving towards its all-time highs, making its presence known, then you see another downward month while Bitcoin continues, and then a comeback for ETH here…
Expert Opinion on Solana
The ETH/BTC ratio was trading at approximately 0.05145 BTC or around $3,616 at the time of writing. Pizzino suggested that the smart contract platform Solana (SOL) is likely to undergo a similar process, stating:
The same goes for Solana… Just looking at the previous cycle, Solana was much weaker back then, it’s much stronger now compared to that time, but you can also see with Bitcoin’s new all-time high price. November 2021, it was still low against USD at that time, but then it was time for a rapid rise, so now we are in a similar period where Bitcoin is reaching new all-time high levels.
Solana was trading at $196, down 1.5% over the last 24 hours, at the time of writing.
