09.12.2021

Bloomberg analyst told under what conditions Bitcoin can rise in price to 100 thousand dollars

Against the backdrop of Bitcoin, Ethereum, the second-largest cryptocurrency by market capitalization, has shown much better profitability since the beginning of this year.

The coin has risen 320 percent over the past months, while the value of BTC has increased by only 54 percent. In early August, the growth rate of the ETH price significantly accelerated, the reason for which was the successful integration of the London hard fork. According to Mike McGlone, a leading commodities analyst at Bloomberg, Bitcoin will soon catch up on the aforementioned indicators of its closest competitor.

In this case, it may well reach the $ 100 thousand mark by the beginning of 2022 .

Today Bitcoin is trading at $ 46,096. This is 0.9 percent higher than a day ago. At the same time, the rest of the coins also look good against the background of positive in the industry and show growth.

bitcoin chart rate

Bitcoin Hourly Chart

What will happen to the price of Bitcoin?

McGlone admits the likelihood of BTC reaching ETH’s gains in price. Here is his quote, in which the expert shares his attitude to what is happening. The replica is provided by Cointelegraph.

If Bitcoin can catch up with Ethereum’s profitability, the number one cryptocurrency will rise to $ 100K.

That is, BTC for 100 thousand dollars is not something mythical and unattainable. To do this, the first cryptocurrency just needs to give out the same growth rates that ETH has already shown.

Ethereum blockchain coins

ETH growth on a 1-day chart

The analyst did not identify specific reasons why the coin will go up sharply, but some conclusions can be drawn from his recent market report. Here is a quote from McGlone on this matter.

The Bloomberg Galaxy Crypto Index (BGCI) [Bloomberg Major Crypto Index – Editor’s Note] is about 80 percent fueled by perceptions of BTC as a global digital reserve asset. The digitalization of fintech and the monetary system also plays an important role in this process.

It is worth noting that the Bitcoin Dominance Index – that is, the share of the main cryptocurrency in the total market capitalization – decreased from 73 to 47.17 percent between December and August. Most of the capital flowed into Ethereum, which led to a rapid rise in the price of ETH. The share of altcoin in capitalization increased from 10.06 to 20.05 percent over the same period. McGlone himself believes that in the next couple of years, ETH will most likely surpass Bitcoin in capitalization and become the main cryptocurrency industry.

Cryptocurrencies Bitcoin Chart

Falling BTC dominance index amid growing share of ETH in the total cryptocurrency market capitalization

Если не считать бум NFT и ниши децентрализованных финансов, дополнительную рекламу для Эфириума обеспечивают даже миллионеры. Среди них оказался известный канадский инвестор Кевин О’Лири, долгое время известный своей ролью в телешоу «Shark Tank».

Ниже небольшое выступление О’Лири на видео из сервиса Cameo, где пользователи могут платить знаменитостям за то, чтобы те озвучили определенные мысли по их желанию.

Вот перевод слов миллионера, которые приводит Decrypt.

Если Биткоин можно считать «твёрдой валютой» из-за ограничения максимального количества монет 21 миллионом, то Эфириум теперь тоже заслуживает такого звания. Это «ультратвёрдые деньги», так как у ETH теперь нет даже постоянного максимального ограничения числа токенов.

Здесь О’Лири ссылается на всё тот же хардфорк London, в котором было введено обновление EIP-1559. Одним из ключевых его особенностей стало постепенное сжигание ETH в каждом блоке. По данным сервиса Etherchain, по состоянию на сегодняшний день было сожжено более 26 тысяч ETH.

Ethereum blockchain coins

Количество сожженных ETH к этому моменту

Ещё немного интересной информации — за прошедшие сутки сжигалось в среднем 3.09 ETH в минуту. При этом эмиссия монет составила 6.2 ETH в минуту. В теории EIP-1559 может привести к постепенному снижению максимального количества ETH, если темпы сжигания монет увеличатся в будущем. Именно о постепенном сокращении предложения актива при растущем спросе на него говорил О’Лири.

Ethereum blockchain coins

Темпы сжигания ETH

Мы проверили актуальные данные: вчера в сети Eth зафиксировали самое масштабное сжигание токенов в рамках одного блока. В блоке под номером 13000072 было уничтожено 49.74 ETH, что стало следствием серьёзной нагрузки на сеть и высоких комиссий.

eth ethereum cryptocurrencies blockchain

Рекордный объём сжигания в сети ETH

The rapid recovery of the crypto market after the spring correction should be taken as very positive news for the bulls: nevertheless, the high activity of buyers gives a green light to the continuation of the current bullish cycle. The safest investments in the industry are still Bitcoin and Ethereum, and the more risky projects are coins with a low market capitalization, that is, the product of the rate by the volume of cryptocurrency in circulation. Moreover, the lower the capitalization, the easier it is to influence the value of a cryptoasset.

We believe that what is happening on the market today clearly hints at the continued growth of the cryptocurrency market in the coming months. It is likely that Bitcoin will indeed have the strength to set a new price record. When he is beaten, time will tell.

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