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Back in the early days, no one predicted the blockchain room to reach a trillion-dollar market capitalisation. Fast forwards to May 2021, and the estimated market value of over 9,000 coins has briefly crossed the $2.5 trillion mark, while investors appear to be enamoured of Bitcoin and other cryptocurrencies.
Bitcoin and Ethereum, the two major cryptos, have had an eventful few weeks, especially the latter. The largest altcoin, Ethereum, recently broke out of its stabilisation process and has been setting new highs over the last week. Year to date, ether has outperformed bitcoin. Over the same time frame, the former was up almost 380 percent, while bitcoin was up 90 percent.
The bullish narrative has been very clear since the beginning of April, with the coin predicting considerable momentum. Magnetic co-founder Megan Kaspar recently gave a bullish forecast for ETH in a Yahoo Finance interview. She predicted that Ethereum’s price would rise to between $8,000 and $10,000 by the end of the year. She also acknowledged the most recent trends on the ETH network, which have added to the bullish rise. She wrote, ”
“The shift to proof of stake for block validation reduces carbon emissions by 99.9%, making ethereum a green technology. So these two updates on the network alone could push ethereum to a trillion-dollar market cap which is where bitcoin is at today — that would make ethereum around $8,000 to $10,000.”
In another recent interview, the cryptocurrency squad at Fundstrat Global Advisors made a similar prediction for ETH.
Following the move, which will use less electricity, Kasper echoed her excitement about Ethereum’s institutional acceptance.
“Institutions are mandating that they invest in clean green technologies, and that’s what Ethereum is becoming. Unfortunately, bitcoin’s proof of work network will not be that unless they choose to shift as well,”
Despite Kasper’s take on BTC’s carbon footprint, she remained optimistic about bitcoin’s long-term price trend. She added that the world’s largest cryptocurrency could probably hit $200,000 by the end of the year.
#Bitcoin after the Halving
May 08, 2021
361 days after the 3rd halving.#BTC at $58,775.
Good old consolidation phase. Time to accumulate and wait for the next move. pic.twitter.com/MWobUQXA6q
— ecoinometrics (@ecoinometrics) May 8, 2021
Ecoinmetrics, a blockchain analytics company, reported on the current stage of BTC’s bull market. “Good old consolidation phase,” the company said. It’s time to save up and wait for the next move.”