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- Ethereum price is closely related to bitcoin’s halving cycles
- Prediction of a bullish future for Ethereum based upon its much-awaited upgrades
- The majority of polled panelists opined that ethereum would surpass bitcoin eventually
Bitcoin and cryptocurrency have made a remarkable comeback, and after months of gloom, the cryptocurrency market looks rejuvenated. Bitcoin values have surged by 30% over the last weekend, and Ethereum has also made impressive gains and surged by more than 20%.
An expert crypto panel has forecast that Ethereum will double its price to $4,600 by the end of this year. If proved correct, it will dwarf the prediction of Bitcoin price by the same panel.
Panel member Daniel Polotsky, the founder of crypto ATM operator CoinFlip, said that Ethereum price is closely related to bitcoin’s halving cycles. However, with time, there will be decoupling, and Ethereum will follow its independent path, developing and achieving goals that bitcoin cannot achieve.
As a result, Ethereum price may grow at a faster rate than bitcoin
Most experts base their prediction of a bullish future for Ethereum on its much-awaited upgrades. The upgrades will improve the scalability and efficiency of the Ethereum ecosystem and begin by the end of 2020. However, it was delayed due to the COVID-19 pandemic.
Ethereum co-founder Vitalik Buterin said that the upgrades would burn Ether tokens and mean Ethereum becomes more “sound” than bitcoin.
Ethereum shifting to proof-of-stake later will result in its supply becoming deflationary
Token Metrics senior cryptocurrency investment analyst Forrest Przybysz feels that Ethereum shifting to proof-of-stake later this year or early 2022 will result in ethereum’s supply becoming deflationary. It will be akin to multiple bitcoin halvings or cuts to bitcoin’s supply of new tokens in terms of supply restriction. Przybysz said that Ethereum would become a better store of value than Bitcoin, and it will also provide services that Bitcoin does not have. Forrest Przybysz feels that ethereum will be worth $8,000 by the end of the year.
Personal finance comparison site Finder set up a panel of 42 senior cryptocurrency specialists and academics. A majority of the panelists believed that Ethereum value would surge to $4,596 by the end of 2021. The panel also predicted a bullish outlook for ethereum in the long run, and it could hit $17,810 by the end of 2025 and $71,763 by the end of 2030. In addition, 68% of the panel opined that ethereum would surpass bitcoin eventually.
Bitcoin will overtake the U.S. Dollar and will become the dominant currency
The Finder’s poll has more breaking forecasts – Bitcoin will overtake the U.S. Dollar and become the dominant currency of global finance by 2050. The panel has also predicted that Bitcoin prices will touch $66,000 by the end of this year.
A small group of panel members predicts an even more bullish future for Ethereum. Chief executive of crypto brokerage Morpher Martin Fröhler and head of the blockchain at fantasy football marketplace RealFevr, Pedro Febrero, are forecasting Ethereum will breach the $10,000 by December 2021. Fröhler added that Ethereum has the potential to become the engine that powers the future global financial infrastructure.
However, not all panelists shared the optimistic forecasts about Ethereum’s prospects. John Hawkins, the senior lecturer at the University of Canberra, puts Ethereum’s price at $1,200 by the end of 2021, 50% of its current $2,200. Hawkins compares Ethereum as a speculative bubble that will burst and get dragged down by Bitcoin.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
