Bitcoin could hit $ 100,000 in 2021, but this bank sees Ethereum skyrocket

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Bitcoin and cryptocurrencies saw their prices fluctuate wildly after soaring until August.

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The price of bitcoin hit recent highs of $ 52,000 per bitcoin this week before collapsing to around $ 42,000. The price of ethereum, the second largest cryptocurrency after bitcoin, moved closer to all-time highs this week before falling again.

Now, UK banking giant Standard Chartered has released a bitcoin and ethereum price prediction, the price of bitcoin is expected to triple from current levels, with ethereum potentially having the potential to increase tenfold.

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In a report first seen by The Block, analysts at the bank said they expected the price of bitcoin to triple and give it a price range of between $ 50,000 and $ 175,000 per bitcoin, while that Ethereum is expected to rise 10 times its current level, with a price target of $ 26,000 to $ 35,000 per ether. The bank expects Ethereum to eventually overtake bitcoin in total value.

Ethereum is being compared to a “financial market”, facilitating loans, insurance and trading, by Standard Chartered’s global research team, led by Geoffrey Kendrick, who found bitcoin to be more like a “currency.”

“In other words, while the potential returns may be greater for ethereum than for bitcoin, the risks are also higher,” the bank’s team said, adding that “the current price reflects at the both the relative complexity of ethereum (compared to bitcoin) and the uncertainty surrounding the development of ethereum “. . “

Standard Chartered also expects Ethereum to benefit from its eventual upgrade to Ethereum 2.0, which began last year and is designed to help the network scale better, increase functionality and improve efficiency. The long-awaited upgrade is not expected to be completed until at least 2022.

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Meanwhile, this week’s research has shown that demand for ethereum and smaller cryptocurrencies, sometimes called altcoins, is growing at a faster rate than demand for bitcoin.

“There is no doubt that altcoins are becoming more and more popular,” said Mark Hipperson, founder and managing director of UK-based cryptocurrency and money app Ziglu in a statement alongside the research. “As of August, well over four-fifths of the amount of cryptocurrency purchased was altcoins.”

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