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Bitcoin is currently the most popular cryptocurrency with the largest market capitalization. Ethereum, the second largest after bitcoin, has the second largest market capitalization and is the second most popular crypto asset.

Bitcoin was launched in 2009 and Ethereum arrived much later in 2015. most exciting thing about the assets is the excellence of their services, with Bitcoin as the medium of exchange and Ethereum as the center of decentralized applications.

In recent years, the two assets have been the choice of many investors, creating a wide range of opportunities.

Bitcoin

Over the past decade, bitcoin has grown significantly in value. Increases in the value of bitcoin have always been timely and have been triggered by various external and internal factors.

One of the main factors triggering the growth of bitcoin is the four-year halving that helps strengthen demand for the currency by reducing its supply. It was so recently, when bitcoin was halved in May 2020, which led to an excellent performance of bitcoin in the markets.

Ethereum

Since its launch, Ethereum has also proven to be a worthy competitor to bitcoin. This coin has also triggered huge price spikes that have greatly benefited the average cryptocurrency investor.

Ethereum price charts always follow bitcoin price and market charts. Hence, every time bitcoin prices start to rise, Ethereum prices rise as well.

Ethereum and Bitcoin Price Action in a nutshell

In early 2011, bitcoin was priced at $ 1. A decade later, bitcoin’s value is $ 64k. Analysts have started making predictions that this coin could increase in value up to $ 100,000 by 2021 or sometime after.

Ethereum price was around $ 2 in August 2015, but it has risen significantly. Recently, ETH reached its ATH of over $ 4k.

However, the coin lost its values ​​afterwards, with bitcoin falling to around $ 30 and Ethereum falling below $ 1.8k. Although the value of the coin has fallen, analysts still believe that bitcoin could hit $ 100,000 and Ethereum could rise to more than $ 20,000. How?

Gain more trust from users

Bitcoin and Ethereum are gaining more and more trust from users. Many investors globally are considering using bitcoin and Ethereum in their day-to-day business. Additionally, there are thousands of Bitcoin and Ethereum ATMs around the world, which means that many people rely on the duo as investment options.

Furthermore, when bitcoin and ethereum were in their early life, the coins were considered scam coins. However, recently both coins have worked on their systems and have become hacker resistant and safe for users.

Ethereum recently introduced a new update, Ethereum 2.0, which solves most of the problems of the Ethereum network. Although it is still in its early stages, the development of this network is one of the factors driving Ethereum’s price increase as users trust the network more. This confidence leads expert analysts to predict that Bitcoin will soon reach excellent values.

Increase pressure on social media.

Today, unlike any other time in bitcoin history, there is a lot of pressure on social media behind the currency and cryptocurrencies in general. Recently, Tesla CEO Elon Musk caused quite a stir in the crypto world, prompting a surge in the prices of BTC, ETH, and other currencies.

In general, Elon has been heard to be continually involved in the affairs of the cryptocurrency world, investing in bitcoin, dogecoin, and most recently Ethereum. pressure Elon is putting on bitcoin and cryptocurrencies in general is the direct support necessary for these currencies to go viral.

So if this pressure continues, coin adoption will increase faster than ever, and eventually Bitcoin and Ethereum could hit the forecasts. Furthermore, the pressure and popularity of social media leads analysts to believe that these coins will perform excellently in the future.

Increase institutional support

Institutional support for bitcoin has also increased significantly in the recent past. In general, various institutions have emerged over the years that have mobilized in support of bitcoin. One of the most recent cases of institutional adoption of bitcoin is the case of Tesla.

In early 2021, Tesla announced that it would start accepting bitcoin as a medium of exchange when buying Tesla. company has invested more than $ 1.5 billion in bitcoin in a mission to show its support for the currency.

However, Tesla later abandoned Bitcoin, but everyone saw its impact on the currency and the world of cryptocurrencies.

According to recent reports from various media houses, it is very likely that Tesla will start accepting bitcoin as a medium of exchange for your car. This information shows that businesses are continually accepting bitcoins, which will cause bitcoin prices to spike in the near future.

Other financial institutions such as Visa, Paypal, and JP Morgan have also shown their support for bitcoin and ethereum. This continued institutional adoption will soon lead the coin to success.

impact of the Covid 19 pandemic

re is no doubt that Bitcoin has been very successful due to the ongoing global pandemic. In general, after the pandemic, investors were looking for better ways to protect their assets. And since the financial world seemed on the verge of collapse, bitcoin was the best solution. Even major companies like Tesla, Microstrategy, and Square corp have shifted their funds to BTC as a way to hedge against risk.

rise of NFTs and decentralized finance

NFT & Decentralized Finance boom was also a contributing factor to Ethereum’s price surge. amount of Dapps on Ethereum is increasing and every month more and more Defi platforms arrive. NFT also saw its best days in 2021, when its adoption grew rapidly and artists and investors made millions.

Overall, this NFT and Defi boom will continue to drive Ethereum prices, which may have a positive impact on Bitcoin.

Final word

So why do analysts think Bitcoin will hit $ 100,000 and Ethereum will hit $ 20,000? We have analyzed various reasons that lead analysts to draw such conclusions. First, the world of cryptocurrencies is gaining more and more trust and as such more and more people are interested in the duo. Furthermore, the social media pressure behind the two coins is currently increasing, increasing their popularity.

Finally, other factors such as the impact of covid, the rise of Defi NFT, and institutional support lead BTC and ETH to success. All members of the crypto community expect the predictions to be accurate.

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Adam is an outgoing boy who likes adventures and discovering new things. Despite her boring life, she loves writing about cryptocurrencies and exploring what blockchain technology can do for the next digital world where all adventures will be virtual.

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