Rancakmedia.com – Rahul Rai, manager of Crypto Hegde Fund, predicts the crypto asset ethereum will shift bitcoin market cap before mid-2022. This is called a “flip” phenomenon by analysts.
This week, the ethereum token hit a new high of nearly USD 4,600, or IDR 65.9 million (assuming an exchange rate of IDR 14,326 per US dollar). The gains came after the CME Group, the world's largest derivatives exchange, said in early December that micro ether futures would be available soon.
Outside crypto assets pure, ethereum's growth has been aided by many major digital market momentum developments. Facebook's recent announcement of a name change to Meta demonstrates the company's dedication to growing its activities in the metaverse universe.
Sandbox, a metaverse game platform, on the other hand, managed to raise USD 3 million (Rp 42.9 billion) in one day. This week, K-pop group BTS will release a digital card in the form of a non-fungible token (NTF). This token is the result of a partnership between BTS agency and the country's leading crypto asset operator.
The ethereum network is now worth over USD 100 billion, or Rp. 1,432.6 trillion, according to data from The Block. Ethereum is still second only to bitcoin in terms of market capitalization. This situation, according to Rai, co-head of Market Neutral at BlockTower Capital, will not last long.
Ethereum Token Price Predictions
“I believe ethereum has a very high probability of overtaking bitcoin.” If it happened in cycles, I wouldn't be surprised. It is still impossible to say when this cycle (when ether overtakes bitcoin) will come to a conclusion, but I believe it will be in the middle of next year,” added Rai.
Bitcoin now has a market capitalization of over USD 1 trillion. This is followed by the ethereum token, which has a market capitalization of USD 535 billion, indicating that the ethereum token is approaching bitcoin. Bitcoin accounted for about 67 percent of the entire crypto market two years ago, but now only accounts for 45 percent.
Bitcoin is expected to reach a new high of USD 70,000 in 2021. The crypto asset is included in the portfolio as it is backed by large investors. This serves as a way to diversify holdings while protecting against inflation.
“Bitcoin is a form of digital gold; it is a store of wealth.” As a result, its market cap will be close to gold, if not more. "However, that's roughly the baseline you'll use to limit market growth," explained Rai.
The ethereum token reached a new high of almost USD 4,600, or Rp. 65.9 million (assuming an exchange rate of Rp. 14,326 per US dollar) and will overtake bitcoin market capitalists. K-pop group BTS will release a digital card in the form of a non-fungible token (NTF). The ethereum network is now worth over USD 100 billion, or Rp. 1,432.6 trillion, according to data from The Block.
Bitcoin accounted for about 67 percent of the entire crypto market two years ago, but now only accounts for 45 percent. Bitcoin is expected to reach a new high of USD 70,000 in 2021, and its market cap will be close to gold, if not more.