News
Analysts predict the acquisition of the Ethereum network and BlockDAG
BlockDAG network
London, United Kingdom, June 11, 2024 (GLOBE NEWSWIRE) — Analysts offer a range of predictions about future Bitcoin price movements, reflecting a range of optimism influenced by upcoming events and historical trends. However, the broader cryptocurrency market points to a thriving altcoin season, where altcoins, especially those involved in artificial intelligence and decentralized finance (DeFi) such as BlockDAG network and Ethereum, could eclipse Bitcoin in the short and long term.
Bitcoin trending at $100,000
One of the most influential factors in Bitcoin price predictions is the recent Bitcoin halving event, which occurred in April 2024. This event, which occurs approximately every four years, halves the reward for mining Bitcoin, reducing effectively the supply of new Bitcoins entering the market. market. Historically, Bitcoin halvings have been followed by significant price increases. For example, post-halving price increases have been observed in past cycles, leading some analysts to predict that Bitcoin could reach new all-time highs of $100,000 now two months after the 2024 event.
Dan Tapiero, a leading crypto analyst, predicts that Bitcoin could reach $100,000 by the end of 2024 or early 2025. Tapiero cites the halving event and the growing adoption of blockchain technologies by countries and companies as factors key factors driving this potential increase. Likewise, Geoff Kendrick of Standard Chartered Bank also believes that Bitcoin could test the $100,000 mark next year, due to banking sector turmoil, the halving event and the end of Federal Reserve rate hikes.
Beyond these optimistic forecasts, other analysts provide a more nuanced view. For example, projections for the price of Bitcoin in 2024 range from a low of around $27,341 to a high of $118,102, reflecting the cryptocurrency’s inherent volatility. This wide range highlights the unpredictable nature of Bitcoin’s market behavior, influenced by various macroeconomic factors, regulatory changes, and changes in investor sentiment.
Looking further ahead, some predictions are even more bullish. The price of Bitcoin is expected to reach a value between $149,316 and $265,318 by 2030, suggesting a potential increase of more than 850% from current levels. These long-term projections are often based on the assumption that institutional interest and mainstream adoption will continue to grow as it has since 2009, providing an even stronger foundation for Bitcoin’s value appreciation.
Altcoin: responsible for the Ethereum and BlockDAG network
Analysts point out that while Bitcoin can reach new highs, it does not have the explosive potential of many altcoins in the current market environment. The altcoin market shows significant upside potential, driven by innovations in AI and blockchain technology. For example, AI-focused cryptocurrencies such as Bittensor, Fetch.ai, and Openfabric AI are gaining traction due to their novel applications in decentralized machine learning and AI-driven tasks.
The story continues
Additionally, Ethereum continues to be a key player, with expectations for significant growth due to its widespread use in DeFi and other blockchain applications. Analysts suggest that Ethereum, along with BlockDAG networkthat offer scalable and efficient blockchain solutions, could drive the next phase of blockchain adoption.
According to several analysts and market experts, Ethereum is poised to lead the altcoin season in 2024. This potential leadership is attributed to various factors, including technology updates, regulatory developments, and overall momentum in the cryptocurrency market.
One of the critical factors for Ethereum’s potential leadership is upgrades to its network. The most notable of these is the EIP-4844 (proto-danksharding) update, which occurred in March 2024 and aimed to significantly reduce transaction fees and improve scalability. This improvement is benefiting Ethereum layer 2 (L2) networks such as Polygon, Arbitrum, and Optimism, making Ethereum more efficient and attractive to users and developers.
The approval of Ethereum Exchange Traded Funds (ETFs) is another catalyst for the rise of Ethereum. ETFs make it easier for institutional investors to invest in Ethereum without dealing with the complexities of direct cryptocurrency transactions. The recent approval of Ethereum ETFs in Hong Kong has already generated optimism in the market. There is also speculation about a potential approval of ETFs in the US, which could further drive institutional adoption.
Market dynamics and historical models
Historically, altcoin seasons follow significant events in the cryptocurrency market, such as Bitcoin halvings. Analysts like Michaël van de Poppe and Josh Olszewicz point out that Bitcoin’s recent performance often precedes a shift in investments towards altcoins. They suggest that Ethereum’s underperformance relative to Bitcoin recently indicates potential for a significant recovery, especially as technological and regulatory developments come to fruition.
Crypto analyst Ash Crypto pointed out that Ethereum’s current price movement resembles the bullish breakout observed in 2020. If Ethereum follows a similar trajectory, it could reach new all-time highs above the $4,000 mark and can catalyze a broader rally of altcoins, potentially leading to a substantial increase in altcoin valuations.
At the same time, BlockDAG network represents a significant advancement in blockchain technology, aiming to address some of the inherent limitations of traditional blockchain systems. Using a directed acyclic graph (DAG) structure, BlockDAG combines improved transaction speeds and security with high decentralization, creating a robust framework for the future of decentralized finance (DeFi) and cryptocurrency mining.
BlockDAG has garnered significant attention and investment since its inception. It raised significant funds through pre-sales, highlighting strong investor confidence. For example, the project has already raised over $50 million and records daily inflows of $500,000, so much so that analysts say it could lead the altcoin market alongside Ethereum.
As market dynamics evolve, it is essential to recognize the distinct opportunities presented by different projects across the cryptocurrency landscape. Bitcoin’s potential rise to $100,000 reflects its status as a digital store of value, while the altcoin market, particularly with projects like Ethereum and BlockDAG Network, promises higher returns driven by technological advancements and new use cases. This diversification highlights the importance of a strategic approach to cryptocurrency investing, balancing between established assets like Bitcoin and emerging technologies in the altcoin space.
Read information BlockDAG presale:
Website: https://blockdag.network
Pre-sale: https://purchase.blockdag.network
Telegram:https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
Disclaimer: The information provided in this press release does not constitute a solicitation for investment, nor is it intended as investment advice, financial advice or business advice. We strongly recommend that you practice due diligence, including consulting with a professional financial advisor, before investing in or trading cryptocurrencies and securities.
CONTACT: Alan smith support(at)blockdag.network
