Ethereum cryptocurrency may fall to $ 700

A crypto analyst known under the pseudonym CryptoCapo believes that the price of Ethereum will drop to $ 700. CryptoCapo announced this on Twitter.

According to the analyst, Ethereum is currently «falling to a level that has not been seen since the end of 2020.» CryptoCapo predicted the next price of ETH at $ 700−800 (currently, Ethereum is trading at $ 1094). However, a more positive future awaits bitcoin, which, according to the crypto analyst, is on the verge of falling for the last time, after which the BTC expects rapid growth (the cost of bitcoin at the time of writing is $ 20,064). This forecast will definitely be welcomed by bitcoin millionaires, almost 70% of whom have lost their virtual assets due to the «crypto winter» in the market.

According to CryptoCapo, the traditional dominance of bitcoin indicates that traders are «running away from altcoins.» «Sooner or later, the leading role of BTC in the market will lead to the destruction of altcoins,» which share characteristics with bitcoin but use a different consensus mechanism to create blocks or verify transactions (they are distinguished by smart contracts or lower transaction fees). Among the popular altcoins: Ethereum (ETH), Tether (USDT), Binance Coin (BNB), USD Coin (USDC), Solana (SOL), Cardano (ADA).

Expecting 45−50% drop on altcoins from current prices.

— il Capo Of Crypto (@CryptoCapo_) June 29, 2022

It is worth noting that CryptoCapo accurately predicted the current market crash back in 2020. Therefore, his words are currently trusted by a large part of the crypto community. the world’s largest private owner of BTC, as well as the commercial one, MicroStrategy, also give their «faith in the best» (they continue to invest in bitcoin amid the market decline).