Bitcoin and Ether see a strong bullish sentiment, but confidence in DeFi starts to shake.
With Bitcoin price successfully punching through the $ 12,000 barrier right after PayPal announced the possibility of joining into digital assets, October seems to deliver on the excitement that the previous month did not achieve to provide. Some experts believe that a considerable rise is on its way.
Ether (ETH) price registered a pick-up, this, considering the confidence this decentralized finance keeps gathering since its release. Defi was the one with the major kick-starter for cryptocurrency popularity in 2020, but now, other digital assets seem to be ready to start thriving and could reach noticeable heights by the end of the year.
What happens with bitcoin? Will it reach the $ 14,283?
According to a recent report by Finder – an online comparison resource featuring 30 experts from the industry, Bitcoin’s price is about to reach $ 14,283 by the end of the year. And according to Finder’s cryptocurrency editor, Andrew Munro, Bitcoin’s reputation as a reliable store of value is the main reason behind the bullish outlook. He said:
“Many panelists noted that BTC is increasingly finding a place in traditional portfolios and is being bought by both institutional and retail investors as a hedge against inflation. Given the unprecedented quantitative easing efforts by central banks around the world some panelists speculated that BTC would become a widely adopted ‘store of value’ asset. ”
Other experts talk about various reasons for a rally in the price of Bitcoin. There is a clear regulatory framework in the digital asset market and the many setbacks associated with fiat currencies, such as inflation and negative rates.
The panel average predicted a $ 14,283 Bitcoin price by the end of the year, other predictions are pointing to a far much higher price tag, especially taking into consideration the famous stock-to-flow model that anonymous analysts PlanB created.
Is there hope for Ethereum to keep up?
Bitcoin showing its real strength over other cryptocurrencies, with increasing trade and market capitalization dominance, industry participants also hold a positive outlook on Ether, with a panelist average of $ 513, a 40% increase by the end of the year. On the other hand, experts are not so sure about Ether’s sustainability. Munro said:
“The most commonly cited factor behind bullish near-term Ethereum predictions was the expected launch of Ethereum 2.0 before the end of the year, and the impact of staking on circulating supply.”
Ethereum’s volatile popularity throughout 2020 is due to the rise of DeFi, but some skepticism about the long-term prospect and sustainability of DeFi is in the air. While others hold high hopes for the launch of Ethereum 2.0, which may take years to finalize. According to Jonathan Hobbs:
“Defi plays got overly speculative earlier this year, as they often do in this industry. We can see some of those flows now moving back towards bitcoin, with bitcoin dominance trending upwards post the DeFi sell-off. ”
By: Jenson Nuñez.
