Home
News
To date, the common understanding is that the movement of the crypto market derives from Bitcoin, but the fact is going to change, as Experts indicate.
This year all the major cryptocurrencies, including Bitcoin, Ethereum, BNB, Solana, and Cardano, you name it, have more or less struggled a lot. There were many reasons for this, but several potential reasons were the Federal Reserve’s hike in interest rates that was capable of cutting the corner in balance sheets of frightened investors. For instance, look at the price of bitcoin, which fell about 40% from its all-time high, which it attained in November last year, of around $70,000.
Similar situations made up with other comparatively smaller cap cryptocurrencies, including Ethereum, BNB, XRP, Solana, Cardano, Luna, and Avalanche, have also fallen from their attained potential highs to their lowest year. However, some are back on their tracks and moving to break records this year.
And now, a panel of several cryptocurrency experts has made a prediction that the price of bitcoin will peak upto almost $82,000 this year after it will drop to $65,000 by 2022 end. But more surprising to this fact is the warning where they predicted that more advanced blockchains than bitcoin are Ethereum (ETH), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Terra (LUNA) or Avalanche (AVAX) could outperform the top most cryptocurrency Bitcoin (BTC).
ALSO READ – Cardano’s NFT-metaverse Cardalonia raises funds in pre-seed round
For instance, the Chief Executive of Coinjar, a crypto exchange based in Australia, and a panel member Asher Tan said in a statement that there are a lot of uncertainties about the outlook of bitcoin in the short term. He kept a more conservative outlook regarding the bitcoin price than the Panel thought. He said that considering the macroeconomic profit declines, it would not be surprising for him to see bitcoin spending the whole year fluctuating between 30,000 to $60,000. Such conditions are horrible for traders, although rewarding for accumulators when observed through a multi year timeframe.
The Panel included 35 people from all over the crypto world. It was put together by Finder, a financial comparison website that has made a prediction of a lower average price in January, and it again returned to the same where it said that by the December end, bitcoin would get over $76,000.
Along with the Bitcoin price hikes, other major cryptocurrencies have more potential to reach extraordinary heights. The reason is as simple as these networks have more to offer. Eventually, their native cryptocurrencies would have increased relevance and usability, reflected in their trading price.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
