Bitcoin and cryptocurrency prices have seen a remarkable recovery over the former week, revitalizing the tired crypto market.
Bitcoin price has added nearly 30% over the former week, with Ethereum up over 20% (Subscribe now to Forbes CryptoAsset & Blockchain Advisor and discover cryptocurrencies with 1,000% acquire).
Now, an expert crypto panel has predicted that the price of Ethereum could be set to double its price to $4,600 by the end of 2021 — an increase that would dwarf the panel’s predictions for bitcoin prices.
Committee member Daniel Polotsky, founder of crypto ATM operator CoinFlip, said, “Ethereum’s price largely follows Bitcoin’s halving cycles, although this relationship may begin to divide over time, as Ethereum continues to develop use cases that do not Bitcoin can make it happen.” “Its price may grow faster than the price of bitcoin.”
Several panel members cited the lengthy-awaited ethereum upgrade, which is designed to improve ethereum’s scalability and efficiency, which began at the end of 2020 as the reason for their bullish expectations.
Earlier this year, Ethereum co-founder Vitalik Buterin said that upgrades that would destroy (or “burn”) the tokens of Ether could unkind that Ethereum becomes more “voice” than Bitcoin.
“Ethereum’s move to proof-of-stake later this year or beforetime 2022 will shrink the supply of Ethereum and will be the equivalent of several halving bitcoins. [cuts to bitcoin’s supply of unused tokens] In terms of supply restriction,” said Forrest Przebys, senior crypto investment analyst at Token Metrics, who believes Ethereum will be worth $8,000 by the end of the year.
“This will make it a better store of value than bitcoin as well as all the tools it provides that bitcoin does not have.”
An average of 42 leading cryptocurrency professionals and academics, aggregated by personal finance comparison site Finder, expect Ethereum to be worth $4,596 by the end of 2021. Over the lengthy-term, the panel predicts that the price of Ethereum will reach $17. , $810 by the end of 2025 and $71,763. By the end of 2030, while 68% of panelists said Ethereum will eventually outperform Bitcoin.
Earlier this month, the Finder Board predicted that bitcoin would overtake the US dollar as the dominant form of global finance by 2050 — putting the price of bitcoin at just over $66,000 by the end of 2021.
Some panelists were more bullish on the outlook for Ethereum, with CEO Morpher cryptocurrency broker Martin Fruehler, and head of blockchain at RealFevr fantasy football market Pedro Febrero both predicting that the price of Ethereum could reach $10,000 by December 2021.
“Ethereum has the potential to power the global financial infrastructure of the coming,” Froehler said.
However, not all panelists are confident about Ethereum’s prospects. John Hawkins, Senior Lecturer at the University of Canberra, puts the price of Ethereum at $1,200 by the end of 2021, less than half its current price of $2,200.
“I think Ethereum is a speculative bubble and it will be dragged down by Bitcoin,” Hawkins said.