Experts : Bitcoin Might Reach $100,000 By The End Of 2021
Last month, the overall market value of cryptocurrencies surpassed $2 trillion, as Bitcoin and other cryptocurrencies like Cardano, XRP, and Dogecoin continued to rise.
With the cryptocurrency market worth hovering above $2 trillion, experts predict that bitcoin, the world's largest and most popular cryptocurrency, could hit $100,000 before the end of the year, thanks to its current bull run.
''Crypto assets are moving towards becoming mainstream with many brands around the world accepting cryptocurrency as a form of payment. The current bull run is expected to continue and we are highly optimistic that bitcoin will hit the $100,000 mark by the end of this year,'' said Mr Shivam Thakral, Chief Executive Officer (CEO), BuyUcoin.
Last month, the overall market value of cryptocurrencies surpassed $2 trillion, as bitcoin and other cryptocurrencies such as Cardano, XRP, and dogecoin continued to rise. According to CoinMarketCap data, the global crypto market cap is now $2.29 trillion, up 0.04 percent from yesterday.
"The rise in the crypto market capitalization suggests that crypto assets are becoming more widely accepted around the world." Mr Thakral, CEO of India's second-longest-running cryptocurrency exchange, continued, "The world's oldest cryptocurrency, Bitcoin, has seen a wonderful bounce recently, and the newest ethereal upgrade, also known as London Hard Fork, has improved the ether price."
Last month, Bitcoin's price was above $50,000 for the first time since May, continuing its recovery from a long downturn, as investors wagered that further US stimulus spending would lead to more gains for the virtual currency. Since hitting an annual low of $27,700 in January 2021, Bitcoin has gained by about 81 percent.
As more established financial services organisations provide their consumers access to virtual money, cryptocurrency is on the mend. Last month, PayPal Holdings Inc stated that clients in the United Kingdom would be able to purchase, sell, and store bitcoin and other cryptocurrencies.
''The current Bitcoin rally was much expected as we saw massive buying from retail and institutional investors during the July price dip. Bitcoin has emerged as the most resilient and lucrative asset class in modern human history and we are optimistic that crypto will become the first choice of investors who are looking to create long-term wealth and beat inflation,'' said Mr Thakral, CEO, BuyUcoin.
On Saturday, September 4, bitcoin was seen last trading 1.16 per cent lower at $50,116 against the US dollar, while there - the world's second-largest cryptocurrency was last down 1.44 per cent at $3,906 against the greenback.