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November 27, 2022
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Bitcoin could reach $100k if it follows the performance of Ethereum

If Bitcoin keeps up with Ethereum’s performance in 2021, its price could reach $100,000.

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone gave his opinion on the BTC price in Twitter.

“Ethereum in 2021 Is Bitcoin Guidance for $100,000: Flippening? If Bitcoin kept pace with Ethereum this year, the price of #1 encryption would approach $100,000. Although we see Bitcoin in this way, it seems that little can stop Ethereum’s flippening process”.

Analysis of ETH’s price increase in 2021 saw numbers significantly higher than BTC’s. In fact, in just the last 24 hours, the ETH has traded 5.26% higher at $3,111.67, while the BTC is 4.93% higher at $45,701.24.

On an annual basis, it was also calculated that ETH gained 323.57% compared to 58.27% for BTC. Ethereum is growing 5 times faster than Bitcoin.

While BTC’s total market capitalization to date (over $850 billion) is more than double that of ETH (over $350 billion), the growth rate of the quintessential smart contract cryptocurrency in 2021 is impressive to say the least.

Bitcoin (BTC) at $100,000?

Bitcoin can reach $100,000 if it has the same performance as Ethereum. But what is this performance in 2021?

Ethereum is the first blockchain to achieve wide recognition in the Decentralized Finance (DeFi) and Collectible Tokens ​​ (NFT) market that literally exploded between 2020 and 2021.

Not only that, updates to its blockchain, like the latest hard-fork London last week, are often appreciated by the community and the market, with the associated price bomb.

Bitcoin, on the other hand, is the cryptocurrency of big investors. The volume of BTC transactions on the network is over US$1 million. The performance of the queen of cryptocurrencies is to increase this type of transaction from 30% to 70% since September 2020.

Basically, the growth rate of BTC and ETH is different precisely because of the usability of the two crypto assets and the intentions of their owners. While bitcoiners can be high volume accumulators and holders, ETH users are broad-based traders ready to enter emerging cryptocurrency submarkets.

Source: cryptonomist

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