Thursday, September 28, 2023

Bitcoin and Ethereum price are expected to keep growing

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Some analysts point out that the price of Bitcoin could double in value to $100,000 by early 2022 and that Ethereum could reach $35,000 in the long term.

At the time of writing, the Bitcoin price stands at $45,600, and it is estimated that it could grow by 115%, reaching close to $100,000, by the end of the current year or early next year. The team of the prestigious British bank Standard Chartered made these forecasts.

This team also forecasts that Ethereum, now at $3,300, will reach $35,000. That would represent a percentage increase of almost 1000%. Now, this scenario would only become possible if Bitcoin were to touch a value above $100,000.

Standard Chartered analysts stated that this enormous rise in Ethereum may seem very high considering its current price. Still, they believe that Ethereum’s relative complexity concerning Bitcoin makes it a precious currency and therefore undervalued at current prices.

Bitcoin price falls and recovers after becoming legal tender in El Salvador

Bitcoin became legal tender in El Salvador last Tuesday, September 7, 2021. This introduction was accompanied by the launch of the institutional wallet Chivo.

The wallet presented numerous problems in its launching due to failures to access wallets, withdrawing money from ATMs, verifying data, among others. In addition to this, President Nayib Bukele promised a $30 bonus to anyone who downloaded the app, and users are still not receiving it.

All this has had a negative impact on the price of the reference currency, which did not take kindly to this turbulence, starting that day with a price of 52,400 dollars and closing at 46,500 dollars.

The episode did not end here, and it continued to fall until it was positioned on September 8 at $45,900. At the time of writing this article at $45,600. As for Ethereum, the reaction was not good, opening the day at $3,300 and closing at $2,800.

Bitcoin’s price is followed closely by Ethereum

Standard Chartered specialists also pointed out that this trend, which started in Central America, could continue to become the dominant means of payment. And this is one of the reasons they use as the main argument to defend this growth forecast for Bitcoin.

And for Ethereum, they commented that through the smart contracts they offer, they could eliminate intermediaries in financial exchanges.

To make these forecasts, they compare the capitalization of credit card providers with the transactions made in the cryptocurrency market. This comparison yielded results that lead one to believe that the banking sector will take a secondary role in payment processing at the international level.

Bitcoin has the advantage of being the first currency and the one that gives its name to the industry and is the one that currently has the highest value. However, we should start paying close attention to Ethereum, which has the advantage of being more like a financial marketplace where we can carry out non-linear financial transactions such as loans, insurance, or exchanges.

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