Crypto Express

08/08 04:05

Tom Lee: ETH is having its BTC 2017 moment

Tom Lee, the chair of the world’s largest ETH treasury, BitMine, and FundStrat’s CEO, made a bold price prediction for the altcoin.

In a recent CNBC interview, Lee stated that ETH was having its 2017 Bitcoin [BTC] moment and the altcoin could hit $16K.  

“If the ETH/BTC ratio goes back to the 2021 high of 0.14, that would value ETH at $16K. It makes sense because ETH is a better storage of value than it was in 2021.” 

For perspective, the ETH/BTC ratio is an indicator that tracks the relative price performance of the altcoin against BTC. In 2021, it peaked at 0.08, and in 2017, it jumped to over 0.14. 

Based on the current market price values, going to 2021 levels would imply a $9.5K per ETH, while extending to 2017 highs of 0.14 would mean a $16K, as suggested by Lee. 

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