Bitcoin continues to hold to $55000. Other top tokens by market cap demonstrate an upward trend. Inspired by the sustained bull run, analysts predict a consistent increase in the price of Bitcoins. An average of what several experts have been claiming, compiled independently, reveals that Bitcoin prices may rise to 6 times in the next four years.
Speaking to CNBC, Mark Yusko, a chief investment officer of the hedge fund Morgan Creek Capital Management, said that Bitcoin is inching towards $2,50,000 by 2025. He explained that it would be possible because of of Bitcoin’s network adoption and usage. He also noted that Bitcoin was the fastest network asset to reach a trillion-dollar market cap and the event is unprecedented in history.
The meteoric rise in prices has truly been astonishing. The current bull run with Ethereum heading towards $5000 is inspiring. Tesla CEO Elon Musk hinting at accepting Dogecoins for Tesla products is expected to have a further positive impact on the future of the cryptocurrency of the internet.
The journey of the leading cryptocurrency since 2010 has been full of ups and downs. While many are casting apprehensions about the current bull run comparing it with the boom in 2017, contrary opinions claim 2021 to be the year of crypto and the price rise and actual increase in value due to increased adoption.
For now, after hitting an all-time high of $68000 Bitcoin is more or less stable around $55,000 though it dropped to $48000. Minor swings with a 10% threshold are not unexpected. Overall, the bull run continues and the market symptoms indicate it will be prolonged.