No one expected the cryptocurrency space to register a trillion-dollar market capitalization, back in the early days where it all started. Fast forward to May 2021, the overall market cap of over 9,000 coins had briefly touched the $2.5 trillion mark as investors’ craze around Bitcoin and other cryptocurrencies continues.
Bitcoin and Ethereum, the two key cryptos have had an interesting few weeks, especially the latter. Ethereum, the largest altcoin broke out of its consolidation phase recently and has been registering new highs over the past week. Ether has outperformed bitcoin year-to-date. The former was up nearly 380%, while bitcoin marked a 90% surge over the same time period.
Since the beginning of April, the bullish narrative has been quite evident, with the coin projecting tremendous momentum. In a recent Yahoo Finance interview, Magnetic co-founder Megan Kaspar gave her bullish projections for ETH. She expected Ethereum’s hike to a range between $8,000 and $10,000 by the end of the year. Furthermore, she acknoweledged the latest developments on ETH network, which have contributed to the bullish trend. She stated:
“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.”
A similar forecast was portrayed by Fundstrat Global Advisors’ cryptocurrency team for ETH in another recent interview.
Following the switch, which will use less energy, Kasper reiterated her optimism with regard to the institutional adoption of Ethereum.
“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 firm, commented on the present phase of the bull run BTC was going through. The firm stated “Good old consolidation phase. Time to accumulate and wait for the next move.”