Thomas Jong Lee, popularly known as “Tom” Lee, has pointed out a similar pattern between Ethereum and Bitcoin .
He noted that the former is mirroring a price pattern Bitcoin followed a few years ago, and because of this, he isn’t ruling out the possibility of ETH achieving a 100x gain, even though the second-largest cryptocurrency by market cap is still trailing behind BTC.
Tom Lee, the executive chair of Ether treasury company BitMine, took to X to state that Ethereum has started on the same path that led to a 100x multiplication of Bitcoin price since 2017.
According to Lee, he first endorsed BTC as a worthy investment to clients of his research firm, Fundstrat, in 2017.
At the time, the coin was worth around $1,000, and since then it has experienced multiple price drops of up to 75%. Even with those declines, the flagship cryptocurrency remains worth many times more than it was eight years ago.
Bitcoin is currently trading at $95,593.98, corresponding with a 0.41% dip within the last 24 hours.
Bitcoin has now “100x from our first recommendation,” Lee asserted. “We believe ETH is embarking on that same “Supercycle.”
This year alone, ETH has struggled behind BTC, with the latter breaking through several new highs, including an all-time high (ATH) above $126,000 in October.
Ethereum also recorded an ATH of $4,946, almost hitting $5,000, but this was back in August. Ethereum’s current market price is $3,185.26, with a 0.9% decline over 24 hours.
The number of Ethereum treasury firms is consistently on the increase. BitMine Immersion Technologies has accumulated a total of 3,505,723 ETH as of November 9.
This stake represents 2.9% of Ethereum’s 120.69 million-token circulating supply, which puts it at the top of the list of corporate Ethereum holders worldwide.
BTCS is another firm with an aggressive Ethereum accumulation strategy. This has gone a long way in enhancing its financial position, driving net income to $65.59 million, powered primarily by $73.72 million in unrealized gains.
Read original story Ethereum on a Supercycle Path, Tom Lee Sees Potential 100x Value Boost by Godfrey Benjamin at Coinspeaker.com