The Ethereum price has dropped 4% today to $4,562, as the broader crypto market falls by 3% – though the Ethereum price prediction remains firmly bullish in the medium to long term.
Despite this loss, ETH remains up by 7% in a week and by 21% in the past month, while also boasting a 65% gain in a year.
Its bullish monthly performance comes as Ethereum ETF inflows significantly outstrip inflows for BTC ETFs, with ETH funds attracting $2.8bn in net flows so far in August.
This is a hugely encouraging performance, and when combined with the alt’s enviable fundamentals, it suggests that Ethereum may threaten to flip Bitcoin in the long term.
Ethereum Price Prediction: ETH ETFs Dominate Wall Street With Flows Outpacing Bitcoin – Can ETH Overtake Bitcoin?
Summer has certainly been Ethereum’s season, and nowhere is this more apparent than with ETF inflows.
Nate Geraci, the President of NovaDius Wealth Management, made this clear in a tweet over the weekend, noting that Ethereum ETF inflows are now at $8.2 billion since the beginning of July.
By contrast, Bitcoin ETF inflows stand at $4.8 billion across this same period, while BTC funds have experienced $1.2 billion in outflows in August.
Clearly, institutions have been focusing on Ethereum over the past couple of months, capitalizing on the fact that the altcoin had struggled to reach its then-current ATH.
That said, the influx of institutional capital has now changed things substantially, given that the Ethereum price hit a new record high of $4,954 yesterday.
It has since dropped by 7%, as investors take profits, yet it’s entirely arguable that the medium- and long-term momentum is on its side.
If we look at its chart today, we see that it has suffered a big drop in momentum, with its indicators declining from overbought positions.
For instance, its relative strength index (yellow) has gone from over 70 a week ago to just under 60 today, and it may fall lower before we see a rebound.
In other words, we could witness further dips for Ethereum in the near term, although the longer-term picture still looks very bullish.
After dipping close to $4,000, we can expect the Ethereum price to pass $5,000 in September, before closing the year near $10,000.
Layer-Two Network Bitcoin Hyper Raises $11.9 Million As It Prepares for Launch
If some traders are concerned that Ethereum is entering overbought territory, they may wish to diversify into newer alts.
This would include not only altcoins that have recently begun taking the market by storm, but also tokens that are yet to launch.
One of the most exciting new alts in the market right now is Bitcoin Hyper (HYPER), a new layer-two project.
Bitcoin Hyper has raised $11.9 million in its ongoing presale, making it one of the most successful ICOs of the year.
The reason for its success is that it’s in the process of launching a L2 network for Bitcoin, one which aims to tap into Bitcoin’s enormous value for DeFi purposes.
As an L2, it will use Solana’s Virtual Machine (SVM) and zero-knowledge proofs, giving it an advanced level of speed and security.
It will make using Bitcoin cheaper and faster, with BTC holders able to deposit BTC with Bitcoin Hyper’s smart contract and receive a corresponding amount of HYPER to use.
HYPER will have a max supply of 21 billion tokens, with holders able to stake it for a passive income, in addition to trading it on the L2’s growing ecosystem of DeFi apps.
Investors can join its presale and buy some now by going to the Bitcoin Hyper website.
HYPER is currently selling at $0.012795, although this price will continue to rise for the duration of the sale.
Click Here to Participate in the PresaleThe post Ethereum Price Prediction: ETH ETFs Dominate Wall Street With Flows Outpacing Bitcoin – Can ETH Overtake Bitcoin? appeared first on Cryptonews.
