It has been reported that Melker sees this period of Bitcoin’s price consolidation as particularly bullish for the second-largest cryptocurrency, which recently reached new all-time highs.
However, he sees Ether’s outstanding performance as the main catalyst of the recent altcoin market bull run.
Scott Melker, aka the Wolf of All Streets, believes Ethereum's "tremendous upside potential" can overshadow Bitcoin in 2021. https://t.co/hI32LbZMP9 — Cointelegraph (@Cointelegraph) April 10, 2021
The report said that he also revealed he has been largely switching his dollar-cost averaging strategy from Bitcoin to Ether in the last few months, in order to take advantage of Ethereum’s “tremendous upside potential.”
“It’s like investing in the Internet in the early 1990s to me. I don’t see why that’s crazy. It’s basically just under a five X from here. […] Bitcoin did almost three times that last year.”
Thus, Ethereum’s “tremendous upside potential” is what he is looking for.