Guy Gotslak, co-founder of My Digital Money, agrees convinced that Ethereum has all the necessary foundations to reach the $10,000 mark faster than expected. He likens Ethereum’s journey to the top to a smooth ride rather than a monumental leap.
Is the price of Ethereum rising thanks to Bitcoin?
Ethereum performed well last week, rising 11%. Some argue that this performance is due to Bitcoin’s influence on the overall market recovery. Gotslak, however, sees it differently.
He claims that Ethereum’s price movements are relatively independent of Bitcoin’s fluctuations. He claims that the price of ETH has been affected by the general slowdown in the alternative investment sector. Is this correct?
Upward correlation trend
The following chart is from Tradingview. It compares the correlation between the price of Bitcoin and the price of Ethereum. A value of 1 means there is a positive correlation and -1 means there is a negative correlation.
Since 2021, the correlation line has reached 1 very often and now the trend seems to be heading towards 1 again.
Overgeid manipulates data
Back to Gotslak. He also criticizes the manipulation of government data to create the appearance of prosperity.
He claims that such manipulations have attracted countless investors to traditional financial markets. According to Gotslak, recent geopolitical instability is beginning to expose some of these economic lies.
Ethereum on top
As investors try to escape the government, Gotslak believes Ethereum is an attractive option due to its diverse applications.
Many Fortune 500 companies have adopted Ethereum blockchain technology. Gotslak’s confidence in Ethereum’s future prospects is based on his belief that as the technology advances, Ethereum will become the most widely used blockchain and ETH the leading cryptocurrency.
Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
