The Alonzo hard fork will make way for the creation of decentralized apps within the Cardano blockchain. The momentum in the ADA short-term trend is quite well developed, with no signs of exhaustion.

Many people have their eyes on Cardano (ADA) rather than on either Bitcoin or Ethereum. That is because its price has shown excellent performance, managing to reach new all-time highs.

ADA is trading at around USD 2.72 and has accumulated a profit of 30.9% in the last week. Furthermore, it has achieved a market capitalization above USD 87 billion, according to CoinGecko.

Its performance places it in the 3^rd position of the ranking, more than USD 10 billion above Binance Coin.

The upcoming support for smart contracts on the Cardano network has contributed to the positivity toward the cryptocurrency.

The Alonzo update will occur on September 12^th, opening the to create decentralized apps within the Cardano blockchain. That news has fueled the cryptocurrency rally throughout the year, and the closeness of the date has accelerated it.

Cryptocurrency investor David Gokhshtein predicts that ADA could have further escalation before Alonzo’s release.

Technical Analysis of Cardano as the Price Reaches New Highs

Analysts have been forecasting the medium/long-term momentum that drove the price of Cardano much higher.

At the moment, there is considerable momentum that shows no signs of exhaustion. The strength of the trend seems to indicate that it is feasible to expect higher gains.

However, the Cardano (ADA) correction is closer due to the steady price increase and new highs. That means it is not the time to wait to sell in the face of such strong bullish momentum.

What the Cardano Daily Chart Indicates

There is also momentum in the ADA short-term trend, which is quite developed and shows no signs of exhaustion.

The cryptocurrency will very likely reach a price of USD 3 in the next few hours. Besides, a new correction will be closer to occurring with each rise.

The upcoming release of Alonzo could continue to influence ADA for three more weeks. That would happen even without the growth that the network could see later, as there are new decentralized apps in that blockchain.

Minor setbacks could be enough for Cardano to continue reaching new all-time highs in the short term.

New Hard Fork of the Cardano Network

Cardano, the network that competes directly with Ethereum, recently announced that the Goguen update would soon conclude. That will bring smart contracts and DApps to the project ecosystem. The last phase of Goguen will be the activation of the Alonzo Purple hard fork.

Of course, the fork must happen successfully so that the network can attract new investors who are still waiting for the scalability solutions on Ethereum. Therefore, there will be an extremely notable increase in its price during the next few days. The FOMO (Fear of Missing Out) has invaded many investors, leading them to purchase even more ADA tokens.

The hard fork should occur on September 12^th, according to the CEO of Cardano. However, several aspects could lead to rescheduling the completion of Alonzo.

By Alexander Salazar

Bitcoin users consume the same amount of energy that they spend on heating or cooling. Between 35% and 70% of the electricity that Bitcoin uses comes from renewable sources.

Experts recently debated the energy consumption of cryptocurrency mining, concluding that the benefits of Bitcoin outweigh the costs.

Julián Dragonsch, an electrical engineer at the NGO Bitcoin Argentina, spoke about the energy consumed by the Bitcoin network. He commented that this is less than gold or copper mining, which people have practiced for many years.

Sebastián Kind, former undersecretary of Renewable Energies of Argentina, and Sebastián Nill, CEO of the firm Aeternam Broker, discussed Bitcoin mining. They said that many people questioned its electrical energy consumption, assuming that it is excessive and harms the environment.

The Energy Consumption of Mining Is Lower than Many Presume

Dragonsch highlighted that the energy consumption of mining is not as high as some people presume. He estimates that each user on the network only consumes 70 watts on average, equivalent to what he could spend on heating or cooling.

He stated that canceling consumption above 70 watts per user would imply the end of YouTube, Spotify, and live TV, among others.

Likewise, the engineer estimates that the overall energy expenditure of the Bitcoin blockchain is around 9.3 gigawatts. He cited a study by CoinShares, which indicates that between 35% and 70% of that energy comes from renewable sources.

Bitcoin Miners Have the Right to Consume the Energy that They Use

Despite that, he said that he respected positions contrary to his. Therefore, he believes that people have the right to consume the amount of energy that they are willing to pay.

He recalls that miners have to pay for the energy that they consume. For that reason, he considers the criticism that miners are the bad guys to be unfair.

Regarding the benefits that it provides, he thinks that the Bitcoin network is an important project whose currency is scarce and resistant to attacks by states.

Sebastián Nill spoke about his experience in the ecosystem. He said that the sector generates jobs and creates a space for interaction and training.

The Use of Renewable Energy Favors Bitcoin Mining

Sebastian Kind focused on energy cleansing, questioning the rating of Bitcoin based on the type of energy that it uses.

The former Argentine official sees many growth opportunities in this sector, although it faces obstacles. He highlighted that the use of wind and solar energy has increased.

Kind said that these energy sources almost reached 10% of the electric energy matrix in 2020 and recently marked 24%, especially in Argentina. He thinks that those renewable resources are helpful, and Bitcoin mining can maximize them.

However, the former official warned that renewable sources require a high initial investment, although they are profitable in the long term in Argentina. For that reason, whoever installs a power plant associated with a cryptocurrency mining company must guarantee a contract of about 20 years.

By Alexander Salazar

Bitcoin’s market capitalization could be on the verge of recovering to USD 1 trillion. Bitcoin investors seem confident that the corrective phase is over.

The price of Bitcoin recently recovered the psychological mark of USD 50,000, not seen since May 15^th. That rally has driven more than 90% of the network’s coins above their purchase price. That could mean that less than 10% of the people investing in Bitcoin have suffered any losses.

After at least three months below that price, Bitcoin exceeded USD 50,000, managing to stay above that level for several hours.

The price of the pioneering cryptocurrency breaks the resistance between USD 30,000 and USD 40,000 after many weeks. That period was a consolidation range that served as the basis for investors’ accumulation. Additionally, that confirmed the strength of USD 30,000 as support due to the high demand for such cheap Bitcoin.

There has been an organic recovery in the price of Bitcoin after it bottomed out at USD 29,000 on July 20^th. In just over a month, it has maintained steady growth with few and slight setbacks, reaching an increase of 50%.

Bitcoin Could Reach Market Capitalization Above USD 1 Trillion

That surge brings Bitcoin increasingly close to market capitalization above USD 1 trillion. That way, it would return to the select group of assets that include silver and companies like Facebook, Amazon, and Google. The last time it maintained such capitalization, BTC was trading above USD 54,000.

According to Glassnode, metrics on the Bitcoin chain show that 94.38% of UTXOs or Bitcoin outputs are in profit. In other words, there remains less than 6% for all the coins on the network to reach a higher price than they were when last transferred.

There is renewed market trust in Bitcoin’s upward trend, which the current price rally makes evident. Shortly after Bitcoin bottomed out at USD 29,000, its supply on exchanges fell sharply.

Investors’ Accumulation of Bitcoin Contributes to the Price Rise

That could mean that investors are confident that the price has completed its corrective phase. Besides, it may be wise for them to secure their Bitcoin holdings in personal wallets. In that way, they would reduce the liquid supply available for purchase.

The supply on exchanges is just a few percentage points above the levels in April. In that month, the price of the pioneering cryptocurrency reached its all-time high above USD 60,000.

Renowned analyst Willy Woo argues that all investors, from retailers to corporate treasuries, are accumulating BTC. That has contributed to deepening the reduction in supply with sustained demand.

Carlos Maslatón recently said that the price of Bitcoin would indirectly reach USD 1 million in the long term. Regarding the remainder of 2021, he believes that the cryptocurrency will be worth USD 95,000. He predicts that its market capitalization would be equal to all the physical US dollars existing in the world.

In the last weeks, Bitcoin has seen a rebound in its price. After trading around USD 28,000, the cryptocurrency regained ground and recovered to USD 50,000. Analysts have made bold predictions, many of which have been accurate, proving the strength of the first cryptocurrency on the market.

By Alexander Salazar

The ATMs are still under construction and will coexist with branches where there will be free advice. The law will take effect on September 7^th, when citizens can start downloading the wallet.

Through Twitter, the President of El Salvador, Nayib Bukele, confirmed that there would be Bitcoin ATMs in the country and explained how to use them. The government will install 200 devices that it will distribute throughout the country and open 50 branches to withdraw or send money.

In the publication, Bukele explained that the devices allowing trading with Bitcoin would have a distinctive seal. The logo distinguishing them from conventional ATMs will be Chivo, the wallet the government will launch when the law comes into force. The president said that people could withdraw cash from those ATMs 24 hours a day without paying fees.

On the other hand, the Salvadoran head of state said there would be strategic points for citizens to receive additional services. Those branches, which the government will call Puntos Chivo, are already under construction throughout the country, Bukele said. The premises will have the infrastructure to send and receive international payments, besides professionals who advise users.

Citizens Can Choose Between Exchanging or Keeping Their Bitcoin

The president of the Central American country added that the user could choose between converting their Bitcoin into US dollars or keeping the cryptocurrency. He reiterated that people could make their transactions without paying any fee.

Besides saving USD 400 million annually in fees for sending remittances, Salvadorans will obtain other benefits. Bukele mentioned that citizens would have access to low-interest credits and the option to accept retail payments and tips with Bitcoin.

Regarding credits, even those using the Chivo wallet only with US dollars will have access to them. The government wallet app will be available for download from September 7^th after the Bitcoin Law takes effect.

Explanations on the Use of Bitcoin in El Salvador

Bukele referred to the Chivo ATMs and explained some basic questions about the adoption of Bitcoin in the country. He stated that the goal is to disprove those who have chosen to instill fear about the Bitcoin Law in the population.

In this sense, he highlighted some aspects of the regulations he has already commented on before. For example, he said that the download and use of the app to receive and send payments would be free but without any obligation.

In his message, the president reiterated that no one would have to use the app. Bukele said that if someone does not want to use Bitcoin, they would not have to download it to continue with their lives.

Bitcoin plays a relevant role in today’s world economy, which is why governments have their eyes on it. While some seek to regulate or prohibit its use, others want to adopt it as legal tender. El Salvador has taken the first step, serving as an example to other nations of the world.

By Alexander Salazar

The moves that Bitcoin has made in the past will condition its future, according to Maslatón. The researcher considers that Tether saved Bitcoin in the bearish market of 2018.

The price of Bitcoin will reach USD 1 million in the long term, but it will do so indirectly, according to Carlos Maslatón. The financial markets analyst predicted the behavior in the price of the first cryptocurrency for the next few years.

The researcher explained that Bitcoin (BTC) had shown multiple cycles or volatile behaviors since January 2009. Maslatón believes that those upward or downward behaviors, typical of the crypto asset, will increase until 2026 and beyond.

The expert said that three remarkable figures would hit Bitcoin at some point. In the remainder of 2021, the price of the cryptocurrency could reach USD 95,000 per unit. That way, the capitalization of BTC would be equivalent to that of all existing physical US dollars in the world. The Bitcoin investor commented that Bitcoin is worth more than all printed US dollars together.

In the second estimate, Maslatón predicted that the price of Bitcoin would reach USD 1 million. He believes that the first cryptocurrency on the market will hit that number in 2025. He said that BTC is not close to USD 1 million right now but will get there indirectly in waves. He explained that it is necessary to establish when, how, and through which sequence of waves. He added that the past of the cryptocurrency is what determines its future.

Bitcoin Could Go Through a New Streak of All-Time Highs

Maslatón estimated the third price of Bitcoin, which would occur before July 2022. The value of the pioneering cryptocurrency would move between USD 357,000 and USD 464,000 in less than a year. In other words, the analyst believes that the price of BTC could multiply ten times in the coming months. Bitcoin is trading at around USD 50,218 and has grown by about 6.8% in the last seven days, according to CoinGecko.

The expert believes this will cause a global scandal as the sector has almost become a political movement. He stated that the US Federal Reserve (Fed) does not know how to stop those decentralized currencies nobody manages.

If the prediction of the price for 2025 is striking, then the estimate for 2026 would beat all the odds. Maslatón predicted that the value of the cryptocurrency would reach USD 1.6 million that year before falling by 50% or 60%.

Regarding the bearish markets of the past, the finance expert said that the stablecoin Tether saved Bitcoin in 2018. In that year, there was a lot of violence in the market, as in 2014. He commented that those were awful years in which anything would have happened without Tether.

The analyst said nothing about the monetary policy of Bitcoin or other technical aspects of the network. However, he stressed that the US dollar is undergoing a decline, the same as all national fiat currencies.

Over the past few weeks, Bitcoin has seen a rebound in its price. After trading around USD 28,000, the cryptocurrency regained ground and is approaching USD 50,000. Analyst Willy Woo recently noted that intensive purchases by investors are driving the price of BTC higher.

By Alexander Salazar