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Greetings and welcome to another edition of the Bitcoin Babaji podcast, here with your host bitcoin Babaji live from the South Cape coast of Africa.
This week in the final days of May 2024 we discuss the recent Etheteum ETF approval by the SEC or security and exchange commission of USA. Now that not only bitcoin but also ethereum has been accepted for trade and Investment and has been properly regulated... now finally mainstream investors with millions of dollars of assets can invest into this second largest to all cryptocurrencies.
On this news use earlier this week ethereum price saw a nice pump to the upside. Of course it may take some months before the ethereum etfs are efficially available for trade and Investment. Some paper work and finalization still needs to be put into place and so the prediction is that it may take a few months before these ETFs go live, perhaps around the fourth quarter of the year.
Will we see ethereum gain its original value in relation to Bitcoin? Currently it's trading at around 0.055 Bitcoin. However if we look back at the previous price trend in the previous halving cycle of Bitcoin, we can see that ethereum peaked at around 0.075 Bitcoin. Some wat to go before we reach that previous high. Yet if we consider this local high price in relation to the one prior to it, and the previous all-time high which took place in the earlier bitcoin having cycle around December 2017, January 2018, then we can see that back then ETH reached the price of 0.1 Bitcoin. In other words in the most recent previous cycle ethereum was never quite able to regain it's early higher value in relation to Bitcoin.
Will this ETF perhaps propel ETH back to its previous highs? We can only wonder. Other than that, bitcoin price is consolidating at present near its all time high. If the cycle plays out as usual, then money should flow from bitcoin to ethereum, then to the large caps and finally the to the small cap alts.
We still have 12 to 18 months ago for this bitcoin having cycle so markets should peak around... some are saying it's earlier this cycle, in May 2025 and others up to October 2025, depending on where you draw your date ranges on your technical analysis of price charts. Personally I am not an investor in ETH as I prefer bitcoin's proof of work to ethereum's proof of stake. I'm not a maximalist and- full disclosure - will sometimes invest in the other cryptocurrency assets for short-term games and profits.
However, Ethereum has never been a favorite for me and one of the reasons is due to the tokenomics. If you look at the maximum supply of coin you will see that it is Infinite, even though the total supply is already in circulation. To me this looks as if the developers scan simply print more ethereum if they wish, much like the FED can print more paper dollars if they wish and have this inflate the supply and deflate the value of the currency.
As the result I remain reserved about investing in ethereum personally although you may be a long-term holder and thus in profit at present.
Besides that, other coins that have been pumping while Bitcoin consolidates, particularly in relation to Bitcoin are none other than the meme coins. However not all of them are pumping it to stage. Only names such as Pepe, Bonk, Wif, Floki are pumping over the past week in bitcoin value. Where will capital rotate to next? Not much new retail capital in entering the market this cycle so far.
Stay tuned as we still have a year to go in this bull run cycle. I'm keep you posted, my future self, and you fear listener, in this my captain's trading log, as we surf the waves of the blockchain all the way to the moon.
Image from pixabay.com free commons, edited on my mobile smart device and uploaded onto the Hive blockchain.