Cryptocurrency Trends and Market Predictions
- Cryptocurrencies

Cryptocurrency Trends and Market Predictions

Since 2008, cryptocurrencies have been existing, starting with Bitcoin and leading to several other altcoins. While these emerging assets are meant to ensure financial stability, the crypto market remains exceptionally unpredictable.

Tim Draper is well known for his significant Bitcoin forecasts. He also added that he underestimates Bitcoin’s market after estimating that Bitcoin would reach a cost of $250,000 at the end of 2022. Draper said Bitcoin and AI have the power to change all needs, such as the financial industry.

This report looks at what we can expect in 2021 and beyond Bitcoin, Ethereum, and Ripple.

Bitcoin market overlook:

Bitcoin Halving took effect on May 12, 2020, and we saw an abrupt price decline to $8,500. The stock, however, has steadily recovered to about $8,800 since then.

On May 8, a few days before Halving, Bitcoin had risen to a $10K peak, the strongest since February. The Bitcoin market was negatively impacted due to the global virus pandemic; the value of 1 BTC had gone just below $ 5K, but the bullish trend followed, and Bitcoin is now looking stable and looking to break through $ 9,000.

The market value for Bitcoin was also $178.26 billion, with a limit of BTC 18.38 million on the market. The Grayscale Q1 2020 study found that about 88% of Bitcoin investments come from banks, mostly from hedge funds. The price of Bitcoin could grow to new highs by Q3 of 2020 with rising institutional investments.

Bitcoin predictions from the experts:

A bitcoin trader and analysis analyst, Tuur Demeester, expected that the bullish trend persisted even with the Halving lowering the markets to a low of $4,000. A price target of $50,000-$100,000 doesn’t seem insane. He also tweeted that as they hurry to purchase Bitcoin as a “land grab phase,” institutions would help drive the price.

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On May 8, Raoul Pal, Global Macro Investor’s CEO, released charts forecasting that Bitcoin will hit $40,000 and even $1 million. For his forecasts of future Bitcoin values, he used a logging map and standard deviation.

Ethereum market outlook:

Ethereum had a trading valuation of $203, with a market cap of $22.62 billion and 111.09 million ETH in circulation. For now, ETH is the market’s second-largest cryptocurrency.

By mid-February, Ethereum reached $270, but mid-March saw a decline in rates. Yet the bulls raged on, and since then, the stock has recovered and found new heights of resistance.

Ethereum 2.0 will be released in the summer of 2020 and will run for another year or two until the end of three stages. Here, Ethereum 2.0 Staking includes locking up a certain amount of cryptocurrency in a wallet to engage in the staking for prizes of a blockchain.

Staking involves validating blocks and winning prizes for the blockchain. Anyone can stake a token in principle, but a protocol can decide technically who will validate blocks and receive the awards.

Ethereum has been working on the idea of proof-of-work and is transitioning to proof-of-stake, which is even more energy-efficient. It also results in a more decentralized network. ETH has been watching Bitcoin, as it also refers to altcoins hitting fresh peaks with Bitcoin reaching new highs and having an opportunity to keep up.

Ethereum prediction from the experts:

Reddit’s co-founder, Alex Ohanian, is overly optimistic about the Ethereum market. He assumes that ETH will have a $1,500 value. He also told Forbes that ETH is relatively recent, and it is still being built upon by people.

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Steven Nerayoff, the CEO & founder of Alchemist, known as the “ICO architect,” helped ETH skyrocket in 2007.  he expects ETH to exceed $3,000 quickly. He bases this projection on the rationale that the amount of ventures adding billions of dollars to the ETH economy is rising rapidly.

Nigel Green, Chief Executive Officer of deVere Group, one of the world’s largest independent multinational financial advice firms, offered a $2,500 potential price estimate, which could also increase in 2020. He backed his forecasts with evidence such as the use of ETH as a medium of commerce by more networks, the increased use of smart contracts, and cloud computing decentralization.

Ripple market outlook:

By mid-February, Ripple was at the peak of $0.32, but the price fell to $0.14 by mid-March, as did Ethereum and Bitcoin. But since then, stocks have stabilized, and they appear to adopt a mildly bullish trend.

Currently, Ripple has a $0.19 value. For a record of 44.11 billion XRP in circulation, the market cap stands at $8.62 billion. The latest 24-hour volume amounted to USD 1.56 billion. In market decreases or spikes, there are risks of breaching the existing help or resistance thresholds. We may predict premiums as high as $0.27 if the bulls manage to drive the market beyond the $0.20 mark.

Ripple prediction from the experts:

Michael Arrington, the creator of TechCrunch, said, “Ripple is a good way to move cash.” He also wants to shift his career direction to concentrate on cryptocurrency and related technologies. To demonstrate how far XRP can go, he also launched a $100 million hedge fund denominated in XRP.

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Ashton Kutcher, who invests in Ripple through his venture capital firm, Sound Investments, was included on the Ellen Degeneres Show with his partner, where they spoke about Ripple and its prospects. Ripple is a forum to transfer money from account to account smoothly, Kutcher said. Millions watched this TV show, offering a vast exposure to Ripple.

Bill Clinton, the former US president, also expressed optimistic thoughts on Ripple and the technologies behind its cryptocurrency. He said this cryptocurrency could be utilized across national boundaries and revenue classes.

Craig Cole, a CryptoMaps Researcher, believes that XRP will come out on top and beat Bitcoin to become the world’s leading cryptocurrency. In support of XRP, the reduced costs and quicker transaction fees work and have contributed to its growing success. If Ripple grows to such a degree, it may be seen by investors as a future investment and further help XRP expand.

We will have to observe what forecasts come to fruition as we head through a post-halving Bitcoin bull market. Although some seem to be outlandish in value, you must note where Bitcoin originated. You could buy 1 BTC for twelve cents in 2019. Some had no idea what the price would eventuate, too; they would have felt the projections were impossible back then!

Cryptocurrency Trends and Market Predictions

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