Ethereum outperformed Bitcoin in November 2023. The rise has come to 13% and 8%, respectively. Thereby, it marked a positive margin of 5% against the most dominant digital token. Many consider ETH the next BTC, primarily due to its utilities. Bitcoin, on the other hand, has driven its growth on the principle of working as a store of value. Members and cryptocurrency enthusiasts have reacted favorably to all prospects who have pledged to bring them bigger returns.
However, there may come a day when the community is divided over whether to use Ether or Bitcoin. There is no doubt that BTC has a higher trading value as compared to Ethereum. As a matter of fact, there is a comparison when it comes to balancing their exchange marks.
What keeps ETH ahead in the race is its affordability and the possibility of generating higher profits. Interestingly, the volatility factor has also increased in recent times. This has led swing traders and short-term day traders to explore adding Ethereum to their portfolios. Volatility is surely a negative aspect that no trader wants to brag about. But alternatively, it reflects opportunities to generate profits in a short span of time.
ETH was able to close its books in November at ~$2020. BTC was roughly at $37,798.35 by the end of the previous month.
On-chain indicators are demonstrating signs that Ethereum could again outperform Bitcoin in December. The month has started on a positive note, with ETH registering a rise of 2.86% in the last 24 hours. BTC has inched up just by 0.63% during the same period. Ether forecast estimates that the token could end the year at $3,903.58. Another estimate is that ETH could move closer to $2,700 before entering 2024.
Simply put, ETH is likely to soar in value. It has to be seen how much it gets and where it stands in comparison to Bitcoin. It signifies a consecutive increase that is anticipated to transpire in December.
One factor that has fueled optimism for the token is BlackRock filing an application with the SEC for Spot Bitcoin ETF. Bitcoin has come to the center of the stage, as have other tokens in the digital economy. There are no second guesses in assuming that it is only natural for the entire cryptosphere to react to the development. Ether is an ideal choice, for it trades reasonably, economically, and with scalable utility.
Technical indicators are on the table as well. They suggest that the rise of Ethereum will be for the mid-long term, setting a resistance level at $2,500.
Achieving that resistance level will boost confidence in the minds of the Ether holders, further pulling the said level to $3,000. An increase in market liquidity will help support the speculation. Swing traders swinging by Ether will bring funds to the ecosystem. This will increase market liquidity and generate an optimistic attitude among traders.
There are no specific predictions about how much Ether will really attract; however, billions could be pumped into the network for its consecutive rise, which may earn the tag of meteoric rise for the digital token. When compared to BTC, ETH has a larger 30-day average intra-day volatility. It is reasonable to assume that by December 2023, investors will have taken notice, leading to a significant increase in its value.