Buckle up: $100,000 Bitcoin and $5,000 Ethereum on track while Cardano leads the large caps
Crypto market leader Bitcoin puts in a strong performance this weekend, taking it above $50,000 for the first time since May 15.
Back then, the $50,000 price level came at a time when BTC was on the way down, with Elon Musk’s environmental concerns kicking off that gloomy period.
Fast forward to now and Bitcoin’s upward momentum brings optimism, which is spreading across the wider crypto market.
Ethereum had a somewhat stagnant weekend, but the early hours of today saw a 4% gain, peaking at $3,350 at the time of writing.
Meanwhile, Cardano grew 17% over the weekend, to hit a new all-time high of $2.90, making ADA the best performing large-cap.
With the top three firings on all cylinders, thoughts turn to end-of-year price predictions. Based on recent form, a $100,000 Bitcoin and $5,000 Ethereum seem plausible. But what about Cardano?
Bitcoin to $100,000 & Ethereum to $5,000
Price predictions are notoriously difficult to get right, which is why many avoid giving them in the first place.
Nonetheless, despite the lofty Bitcoin forecasts that are out there, including $220,000 by EOY from Max Keiser, and a staggering $9.5 million at some future point from Dan Held, $100,000 is an often-cited figure.
Perhaps for good reason too. After all, it’s ambitious, required a doubling of where we are, but at the same time, it’s still a price target within the realm of possibility. Especially considering Bitcoin has already doubled in value, over four months, during its start of the year run.
Investor Lyn Alden thinks Bitcoin can hit $100,000, but perhaps not by year-end. Instead, Alden thinks we’re too early in the market cycle for that to happen before 2021 is out. However, she remains optimistic about achieving that price target sometime in 2022.
“I think we’re still in kind of the early-to-mid stage of its long-term trajectory.So that remains, I think, the best risk-reward as kind of a set-it-and-forget-it allocation.”
Similarly, with regards to Ethereum, she forecasts a $5,000 price target off the back of the recent London hard fork.
What is a realistic end-of-year price prediction for Cardano?
As something of a rank outsider, Cardano doesn’t have the same level of coverage as the other two. However, its recent form, which has propelled it into the top three displacing Binance Coin in the process, has forced many skeptics to sit up and pay attention.
Year-to-date gains for ADA are just short of +1,600%. For comparison, Bitcoin is up just 73% YTD, and Ethereum is up +350%.
Traditionally, analysts have given conservative forecasts for Cardano, perhaps due to its high 32 billion circulating supply of tokens. For example, Coinpedia gave several EOY price predictions with $3.294 the highest.
At the current ADA price, that would require just a 16% appreciation in price, and Alonzo is still over three weeks away from rollout.
Meanwhile, YouTube channel Coin Bureau predicts a $4 – $5 ADA price by EOY, assuming Bitcoin continues moving higher.Source