According to a professional and veteran crypto trader & market expert Scott Melker, Ethereum can finally overshadow bitcoin this year. He said Ethereum has an enormous upside potential which might see it outperform Bitcoin at least in the short run.
Who is Scott Melker?
Before we can go any further in this article, it is important to know the credibility of Scott Melker, at least for those who haven’t heard about him before. He is a crypto trader in USA who also happens to be a DJ and has composed few songs. He is the host of ” The Wolf of All Streets ” podcast as well.
Ether could reach $ 10,000 this year
Scott Melker is very Bullish about altcoins, but particularly about Ethereum. In an interview given to the Cointelegraph, he said Ethereum could very well reach $ 10K by the end of this year.
“I don’t see why that’s crazy. It’s basically just under a 5x from here. Bitcoin did almost three times that last year”, Melter said.
Ethereum is currently valued at $ 2,477 which is its All-time high value. It has seen an upsurge of over 22% on the weekly basis and around 4% on the daily basis. Along with all the positive market trends, the statement of Melker further goes on to consolidate the position of ETH.
” My Dollar-cost average speaks the story “
In the particular interview, he also revealed his strategy of Dollar-cost average. Dollar-cost average is an investment strategy in which you have to invest a fixed amount of money into same fund or stock at regular intervals over a long period of time.
” I have generally Dollar-cost averaged in Bitcoin for five years. I switched that largely over to Ethereum in the last 5-6 months. So if my behavior is a determinant of my conviction, then I believe that yeah Ethereum has more upside potential. “
Bitcoin is a gateway drugs for Alts
Melker feels that Bitcoin helps people know about the altcoins. He compared it to the Marijuana drug just for a better analogy. He said that any newcomer in the crypto market notices the trend of bitcoin at first and then he or she becomes aware of Ethereum and other Altcoins and pretty soon the person starts investing in the altcoin which is at the 990th position in the total market cap.
Invest in altcoins but don’t expect bitcoin like return from them
He assured traders who are willing to invest in altcoins of how secure the market has become. However, he also warned them about over expecting profits from Altcoins.
” If you want to invest in altcoins for a long time, go ahead. I don’t think you will face any loss but you might not do as well as Bitcoin. In the end, it totally depends on your expectations and what you’re trying to accomplish “.