The world of the Internet and technology is constantly evolving, changing and growing. While projects that do not keep pace with these changes are erased from the stage of history, new brands are becoming leaders.
- For example, automotive giants such as Toyota and Honda have abandoned their lead in favor of Tesla.
- In the field of mobile phones, Nokia left Apple as the leader.
- A similar flag change can occur in cryptocurrency markets.
- Bitcoin may also give way to a strong project.
- Analysts say such a flag exchange could happen between Bitcoin and Ethereum in the coming years.
Ethereum and Bitcoin cryptocurrencies traded on the blockchain by crypto signals. On the other hand, blockchain technology is a candidate for major changes and transformations in both financial markets and the real economy – say analysts of SafeTrading.
However, there are major differences between the Ethereum blockchain and Bitcoin. Computer codes can be recorded on the Ethereum blockchain. Also the Ethereum network; It can host smart contracts, DeFi (decentralized financing) platforms, NFTs, ERC-20 token, stablecoins, and decentralized apps. Separately, I would like to talk about DeFi and NFT from the residents of the Ethereum network.
DeFis, or decentralized financial platforms, can radically change the world of banking and finance. Imagine a bank operating on a busy city street! The bank employs 10-15 employees. The main expenses of this bank are: staff costs, rental costs, fixed costs and so on. DeFI can carry out almost all transactions that this bank, operating on a busy city street, can only do thanks to smart contracts. DeFis eliminates banking intermediaries. You need a bank account to transact with a bank on a busy street in the city. With DeFis, you don’t need that either.
- DeFi started appearing in June 2020. At that time, the size of the DeFi deposit was only about $ 1 billion. The DeFi deposit increased to $ 120 billion in April 2021.
- NFT (Non-Fungible Tokens) is another important resident that has started to gain popularity in recent days and is traded on the Ethereum network.
Unlike other cryptocurrencies, NFTs are single or limited edition virtual assets that cannot be copied. This is why NFTs are in demand by galleries, collectors and real estate markets. The recent influx of celebrities into the field is further increasing interest in NFT.
Another major advantage Ethereum has over Bitcoin is related to energy consumption and crypto signals. The Bitcoin blockchain consumes energy equivalent to the annual electricity consumption in countries such as Austria and Sweden. On the other hand, with the PoS upgrade, Ethereum will become a more cost-effective network – expert of SafeTrading.
Will Bitcoin reach $ 100K by the end of 2021?
- Although the market has been in a new wave of hesitation in recent days, hopes for $ 100,000 for Bitcoin have not diminished.
- BTC, which was 53,000 just two weeks ago, is currently trying to top $ 46,000. A series of events last week resulted in a 13% drop in the legend’s value.
- Thus, this time the volatility experts who are indispensable in the cryptocurrency market were surprised. Cryptocurrency experts say the recent glitch is untrue and the $ 100,000 target is still valid.
Banking giants say bitcoin will definitely hit $ 100,000 by the end of 2021. The step Bitcoin takes to achieve this goal will also activate Ethereum. The target for Ethereum, which experts and researchers predict for the end of the year, is between $ 26,000 and $ 35,000. However, for Ethereum to reach this level, Bitcoin must rise to $ 175,000. Come on, get out of here!
So what factors will be effective in achieving these goals?
If we want a clearer picture of year-end project goals, let’s hear from Ben Caselin, Head of Research and Strategy at AAX Business. Caselin said last Tuesday’s sale was classic “rumor spread”, adding that he also believes we may be dealing with a bear trap.
- “I expect bitcoin to hit $ 100,000 this year. We follow the PlanB stock movement formula and, accordingly, we are still above the lower bound. We are looking at the worst-case scenarios: $ 47,000 last month, $ 43,000 in September, and of course at least $ 135,000 this year. ”
Caselin also states that it is far more meaningful to look at data on the web than just analyze prices. Because this data allows users to have a broader view of what’s going on.
Like Caselin, senior researcher Tommy Schreiner also says bitcoin will hit $ 100,000. Schneider says the same is true for $ 100,000, as rumors of $ 50,000 were reported last year.
Schreiner also states that despite the global economic turmoil, America continues to print money, which is a good sign for cryptocurrencies, which are relatively risky assets.
In addition, Schneider emphasizes that Tier 1 solutions Solana, Terra, Avalanche, Polygon and Fantom provide cash flow to the market, which could increase the value of BTC.
In addition, experts state that the legalization and distribution of bitcoins in El Salvador are also factors affecting the value of bitcoins.
Those who think differently.
Lennix Lai, director of financial markets for cryptocurrency exchange OKEx, disagrees.
Lai says that if 1% of the world’s population invests in bitcoins, then bitcoins will be worth $ 100,000.
Bitcoin’s technical indicators are very strong.
Despite recent volatility, Bitcoin’s fundamentals look pretty strong right now. In this context, Charles Edwards, creator of Hash Ribbons, one of the most famous Bitcoin metrics in the world, recently emphasized that Bitcoin can continue to grow until it can break through the crucial $ 42,000 resistance zone.
Late last year, he said that Bitcoin could reach a target price in the range of $ 100,000 to $ 200,000 by the end of 2021. He said he would be “shocked” if Bitcoin didn’t hit $ 50,000 in 2021. This forecast was made after the currency hit an all-time high of $ 63,000 earlier this year.
According to SafeTrading, one of the key differences between the current rally and its predecessors is the relatively low level of individual attention that is usually seen. In fact, it believes that Bitcoin will need to spend a significant amount of time above the $ 50,000 range to hit an all-time high this year.
While Edwards does not expect $ 100,000, he believes the market is slowly but surely approaching its price. However, he believes that for that to happen at any time over the next three to four months, either individual investor interest will need to be renewed or significant acquisitions from leading S&P 500 companies such as Tesla take place.