Bitcoin and cryptocurrency prices have traded sideways this week after rising in early August, even as bankers predict a “seismic” financial shit towards cryptocurrency.
The price of bitcoin has failed to exceed $ 50,000 per bitcoin, falling back to $ 45,000. The second cryptocurrency by value, ethereum, which has surpassed bitcoins in the last year, has also had problems: it has fallen back to $ 3,000 per ether token this week.
With cryptocurrencies traders and investors desperately looking for direction, the chief executive of financial advisory group deVere has said he expects ethereum to continue to outperform bitcoin this year and has given Cardano’s ADA listing a $ 3 price target in September, 16% more than the current price.
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Bitcoin and ethereum, the two largest cryptocurrencies in value, are under pressure from rivals, … [+]
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“Cardano is now behind major bitcoin and ethereum holders,” deVere CEO Nigel Green said in email comments this week. “I think the price of the cardan will hit an all-time high next month, with more than $ 3.”
Green points to “three main drivers” that drive up the price of the cardan, including the “broadest rally in the crypto market,” a highly-watched September update that will give the ethereal cardan-like smart contract functionality and cardano green energy credentials compared to Bitcoin and other similar energy-intensive cryptocurrencies.
Earlier this month, Green said he expects the ether, with a combined value of $ 365 billion, to end up overshadowing Bitcoin’s market capitalization, which is currently worth more than double that at nearly $ 900 billion.
Green noted Ethereum’s “highest level of real use potential” and “investor enthusiasm for the transition that changes the game to ETH 2.0.” The long-awaited update of ethereum, designed to make its blockchain more scalable, sustainable and secure, began late last year and is not expected to be completed until well into 2022.
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The price of the cardano has risen by more than 2,000% in the last 12 months, leaving Bitcoin and Ethereum inside … [+]
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Elsewhere, observers of the bitcoin and cryptocurrency market are optimistic about the price of bitcoin due to a number of recent positive developments.
“From the July lows, when the price fell briefly below $ 30,000, the rate rose 72%, peaking at the beginning of the week, so a corrective setback offsets part of the short-term overheating, ”explains Alex Kuptsikevch, a senior financial analyst at FxPro, said in e-mailed comments pointing to a recovery in Bitcoin’s computing power after the latest Chinese crackdown and giant bank Citigroup
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“The additional drops to $ 42,000 and $ 44,000 do not outperform the usual market setbacks, but a deeper dive would return a more negative scenario.”