Ethereum-based Altcoin Could Keep Outperforming Bitcoin After Surging Over 2,600%, Analyst Suggests

Ethereum-based Altcoin Could Keep Outperforming Bitcoin After Surging Over 2,600%, Analyst Suggests

Time Stamp: January 17, 2024 8:39 PM
Source Node: 3067689

A popular cryptocurrency analyst has recently suggested that the price of Ethereum-based token Injective ($INJ) could soon surge exponentially and outperform the flagship cryptocurrency Bitcoin ($BTC).

In a post shared with their over 750,000 followers on the microblogging platform X (formerly known as Twitter), pseudonymous analyst The Crypto Dog noted that there’s an “incredibly bullish structure” on the INJ/BTC price chart, suggesting it could soon surpass a key resistance level to keep surging.

Per the trader, the price of the cryptocurrency is on the verge of a breakout after going through a period of consolidation between the $30 and $40 range. The cryptocurrency is currently trading at $40.3 after it rose around 7.8% over the last seven-day period.

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Injective, according to Coinbase, is a blockchain for next-generation decentralized finance (DeFo) applications, such as decentralized exchanges, prediction markets, and lending protocols.

It offers core financial infrastructure components that applications can use, such as a fully on-chain orderbook, while also supporting financial markets, such as spot, perpetual, futures, and options, all on the blockchain. The blockchain works with Ethereum, IBC-compatible blockchains, and non-EVM chains like Solana. Injective is based on the Cosmos software development kid (SDK) and uses a Tendermint-based Proof-of-Stake consensus, which enables fast transactions.

The cryptocurrency’s price is up more than 2,600% over the past year, surging from less than $1.5 to its current price tag over the $40 mark, greatly surpassing its previous all-time high seen back in 2021, below the $20 mark.

Featured image via Unsplash.

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