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Bitcoin Could Hit $100,000 In 2021 But This Bank Sees Ethereum Soaring 10-Fold

Bitcoin Could Hit $100,000 In 2021 But This Bank Sees Ethereum Soaring 10-Fold
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Bitcoin and cryptocurrency prices have seen a huge swing after rising during August.

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Bitcoin price reached its recent high of $52,000 per bitcoin this week before dropping to around $42,000. The price of Ethereum, the second largest cryptocurrency after Bitcoin, came within close range of all-time highs this week before pulling back.

Now, UK giant Standard Chartered has released a bitcoin and ethereum price forecast that sees bitcoin triple its current levels with ethereum likely to rise by a factor of 10.

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In a report he saw for the first time BlocAnalysts at the bank said they expect bitcoin to triple in price giving it a price range of between $50,000 and $175,000 per bitcoin, while Ethereum is expected to rise 10 times its current level, with a price target between $26,000 and $35,000. per ether. The bank expects Ethereum to eventually surpass Bitcoin in terms of total value.

Ethereum is being compared to the “financial market,” which facilitates lending, insurance and exchanges, by the global research team at Standard Chartered, led by Jeffrey Kendrick, who has found that bitcoin is more like a “currency.”

In other words, while the potential returns for Ethereum may be greater than that of Bitcoin, the risks are also higher,” the bank team said, adding that “the current price reflects the relative complexity of Ethereum (versus Bitcoin) and the uncertainty around the development of Ethereum.”

Standard Chartered also expects ethereum to benefit from its final upgrade to ethereum 2.0, which began last year and is designed to help the network better scale, increase functionality and improve efficiency. The long-awaited upgrade won’t be completed until at least 2022.

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Meanwhile, research this week showed that the demand for Ethereum and smaller cryptocurrencies, sometimes known as altcoins, is growing faster than the demand for Bitcoin.

“There is no doubt that altcoins are becoming more and more popular,” Mark Hiberson, founder and CEO of UK-based crypto and cash app Ziglu, said in a statement alongside the research. “In August, more than four-fifths of the amount of cryptocurrency purchased was altcoins.”


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