During this week the cryptocurrency market has seen the prices of the main currencies in the market grow. Bitcoin and Ethereum have been on the rise. A few days ago we reported from CryptoTendencia the details about it.
But, if for some reason you weren’t able to closely follow all these details. Here we tell you.
Ethereum’s price momentarily surpassed $ 4,000 on Friday. In fact, the second largest cryptocurrency on the market fared better compared to Bitcoin this week. The former managed to appreciate by more than 21%, while the value of the latter witnessed a mere 2% increase in the aforementioned time window.
Increasing demand for NFT (non-fungible token) is believed to have helped propel Ethereum to its highest level, to position itself as the second largest cryptocurrency.
As for Bitcoin, its prices have decisively struggled to close above $ 50,000. Now, for the last week and a half, prices have hovered within the $ 46K- $ 50K range, but, a clear trend has yet to emerge.
At the time of writing this article, Bitcoin is trading at USD 50,895, registering a growth of 1.62% in the last 24 hours. While, Ethereum is at USD 3,900 obtaining a rise of 1.41% in the last 24 hours. This is detailed in our internal tool, crypto online. Everything indicates that indeed, Bitcoin and Ethereum continue to rise.
Bullish cycle for Bitcoin according to Raoul Pal
Meanwhile, Raoul Pal, a former Goldman Sachs executive, predicted a strong bull market cycle with astronomical value for Bitcoin and also for Ethereum, the two largest cryptocurrencies.
He did the analysis during the Bankless program on YouTube. The former Goldman Sachs executive explained:
“My price prediction was ETH above $ 20,000, and that’s very straightforward. All I did was map the ETH chart to the 2017 Bitcoin chart. They work perfectly and that gives you $ 20,000. There’s no great science to it, but it feels good.
In essence, he believes that, in the coming months, Ethereum could rise 480% and cost $ 20,000. According to this analyst, the price of Bitcoin could reach up to 350,000 dollars.
Chainalysis Data Suggests Bitcoin Hitting $ 100,000 Later This Year
On the other hand, Chainalysis CEO Michael Gronager said that Bitcoin could hit $ 100,000 by the end of the year.
In an interview with Bloomberg, Gronager said that he sees a trend in which the most stable cryptocurrencies, Bitcoin and Ethereum, are growing year after year, sometimes faster than others. Gronage said that if something interesting happens during a bear market, your business can grow faster in a bull market.
So yeah, I think we are still in a bull market. I think we can see over 100,000 by the end of the year. I too would be optimistic about it. We can go further to see higher prices. Held.
Franklin Templeton Company Targets Bitcoin
Another of the most talked about news of the week was that the United States investment company Franklin Templeton, on its website, pointed to Bitcoin. This $ 1.5 trillion company hired staff to handle Bitcoin and Ethereum trading. As evidenced, in a series of job offers published on the company’s website.
1 month ago, the viralization was carried out by the Ministry of Economy through a virtual event held. Through the aforementioned meeting, it was reported how the application is. Its graphical interface and the operation of the two versions that users and commercial establishments will use.
Binance prepares to go public in 2024
Last but not least, this week it was also revealed that the world’s largest exchange, Binance, is planning to launch an Initial Public Offering (IPO) for its subsidiary in the United States. And, the event in question could occur in the year 2024.
Entry into the stock market will depend on the growth of the company in the next three years. It could also affect the fact that it faces a prolonged bear market, then the goal of going public should move from three to five years, Changpeng Zhao, founder and CEO of the company, said in an interview.
Among other things, the executive indicated that Binance.US will follow in the same footsteps as the US exchange Coinbase, when it hit the New York Stock Exchange. Coinbase debuted on Wall Street through a direct listing last May. The value of the company’s shares reached around USD 400.
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