The Ethereum (Cryptography: ETHEther, the native token of the network, is the second most valuable cipher Bitcoin (Cryptography: BTC). Industry executives have reviewed the outlook for these top cryptos and released Ethereum’s bullish forecasts.
Bitcoin Range Bound: The future of Bitcoin and Ether driven by various network effects Bill Barhydt, Co-founder and CEO of digital cash payment app Abra, interview With CNBC.
Executives said Bitcoin has been moving long-term in a sideways channel between $ 35,000 and $ 60,000 since February or perhaps September last year, with a slight movement up and down the band.
According to Barhydt, Apex digital currencies have seen large cash injections due to several factors, including taking advantage of the fact that traders can withdraw premiums by buying Bitcoin. Grayscale Bitcoin Trust (BTC) (OTC:GBTC) And make a lot of money through contango.
GBTC is the world’s largest listed Bitcoin fund with over 700,000 investors and $ 24.6 billion in assets.
None of these factors apply anymore, but Bitcoin still holds the middle to the bottom of the band, Barhydt said.
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Bitcoin vs Ethereum: Barhydt said various network effects are driving Bitcoin and Ether.
“Bitcoin is driving the network effect as an unreliable, immutable, unstoppable and unchangeable reserve asset,” said the CEO.
While these network effects continue to grow, he added, Bitcoin prices are likely to have stagnated at a high of $ 60,000 due to turmoil such as China’s mining ban.
In the long run, Barhydt is helping Bitcoin rise to $ 250,000.
Meanwhile, the executive said Ethereum Benefit from various network effects. It is based on the idea of becoming the world’s computer used in Stablecoin, DeFi, NFT, games and more.
According to the CEO, these use cases are just beginning, so in the short term Ethereum’s network effect will be more bullish.If Reduced gas and transaction fees, He added that all obstacles to the network effect would be removed.
After a bit of “selling news” with the June or July upgrade, Ethereum estimates that Ethereum could potentially head for $ 30,000 or $ 40,000.
In the final check, Bitcoin was almost flat at $ 39,120.95 and Ethereum was up 0.18% to $ 2,586.96.
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Photo: Coutesy of Ivan Radich With Flickr
