Key Notes
- BitMine’s Tom Lee has hinted at a possible 100x increase in ETH price.
- He noted that the coin is already following a similar price pattern which BTC followed years ago.
- BitMine currently holds 3.5 million ETH in its stash, making it the largest corporate holder of the coin.
.
Thomas Jong Lee, popularly known as “Tom” Lee, has pointed out a similar pattern between Ethereum
ETH
$3 192
24h volatility:
1.2%
Market cap:
$386.10 B
Vol. 24h:
$35.48 B
and Bitcoin
BTC
$95 521
24h volatility:
0.9%
Market cap:
$1.91 T
Vol. 24h:
$80.29 B
.
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.
Ethereum Lags Behind Bitcoin
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.
More Ethereum Treasury Firms Rising
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.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Godfrey Benjamin on X
Source: https://www.coinspeaker.com/ethereum-on-a-supercycle-path-tom-lee-sees-potential-100x-value-boost/
