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Ethereum has risen steadily against Bitcoin, despite most risky assets deflating in 2022 according to Bloomberg strategist Mike McGlone. Ethereum’s Layer 2 scaling solutions accounted for 58% of the 152 million transactions processed on the altcoin’s network. The altcoin is poised for a run to the $1,273 level with massive growth in the number of transactions processed by Ethereum layers 1 and 2.
Ethereum, the second-largest cryptocurrency by market cap, has seen massive ecosystem growth despite risky asset deflation in 2022. Bloomberg strategists believe the altcoin is set to eclipse the largest cryptocurrency, Bitcoin in 2023.
Also Read: Bitcoin and Stablecoin Whales Pick Up BTC, USDT, BUSD, and DAI: Recipe for Santa’s Crypto Rally
Ethereum Compete With Bitcoin Ahead Of 2023 With Explosive Transaction Growth
Ethereum, the largest altcoin by market capitalization and the second largest cryptocurrency is competing with Bitcoin for dominance. Blooomberg strategists noted that the price of Ethereum was steadily rising against Bitcoin, despite the bear market.
Mike McGlone, Senior Commodity Strategist at Bloomberg, believes that Ethereum is Bitcoin’s most serious competitor, as ETH’s advances against Bitcoin are unwavering. The Ethereum/Bitcoin cross rate is 0.08, almost the same as in May 2021, when the Nasdaq 100 stock index was 20% higher. The annual volatility of Ethereum is almost 1.3 times that of Bitcoin.
Ethereum expected to surpass Bitcoin in 2023
Interestingly, the selling pressure on Ethereum has diminished as ETH balances on exchanges have declined throughout 2022. The ETH exchange balance recently hit a four-month low, according to data from CryptoQuant.
ETH balance on exchanges
Large wallet investors on the Ethereum network scooped up the altcoin at the fastest rate in history during W4 in November 2022. Based on data from CryptoQuant, top Ethereum whale addresses holding between 100 and 100,000 ETH tokens recovered 2% of total supply in three weeks in November 2022.
Top Ethereum Sharks and Whales Accumulated ETH Tokens
One of the main factors contributing to the unprecedented growth of the altcoin network relative to Bitcoin is the massive increase in transactions. Over the past two months, ETH layers 1 and 2 together processed 152 million transactions, of which layer 2 solutions Arbitrum, Optimism and others accounted for 58%.
Ethereum price is on track to hit the bullish target of $1,286
Analysts assessed the price trend of Ethereum and predicted a bullish breakout for ETH. The altcoin is currently changing hands at $1,212 and analysts believe the asset has the potential to hit the target of $1,286.
ETH/USDT Price Chart
In the chart above, technical analyst Phoenix_Ash3s predicts a rally in ETH. The expert believes that ETH might climb higher crossover resistances at $1,238 and $1,270.
A decline in the 61.8% Fibonacci Extension level at $1,177.41 could invalidate the bullish thesis for the price of the asset.
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