Forbes Digital Assets
Crypto Price Prediction: Bitcoin Could Hit $100,000 Before The End Of 2021But Lacks Ethereum IntensityBilly BambroughSenior ContributorOpinions expressed by Forbes Contributors are their own.I write about how bitcoin, crypto and blockchain can change the world.Nov 2, 2021,05:30am EDT|
Bitcoin, after storming through much of October, has somewhat come off the boil with the bitcoin price falling back from highs of around $67,000.
Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains
The bitcoin price has doubled since its summer lows, while ethereum, the second-largest cryptocurrency after bitcoin, has added around 140%hitting an all-time high last week.
Despite the huge gains made by bitcoin and ethereum already this year, many investors expect prices to continue to climb, with one crypto executive predicting the bitcoin price will hit $100,000 before the end of 2021.
Sign up now for the freeCryptoCodexA daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekdayMORE FROMFORBES ADVISOR
Best Tax Software Of 2022
Best Tax Software For The Self-Employed Of 2022
Income Tax Calculator: Estimate Your TaxesMORE FROM FORBESCrypto Price Prediction: Ethereum Could Outpace Bitcoin And Surge To Over $50,000By Billy Bambrough
The bitcoin price has been outpaced by ethereum [+][-]this year, with the ethereum price adding 1,000% over the last 12 months.Getty Images
"Most of the folks at CoinList will bet that were at $100,000 by the end of the year," CoinList chief executive Graham Jenkin told CNBC. "Its getting pretty tight so Im not sure that we're going to make it there, but thats what were predicting toward the start of the year."
The bitcoin price rocketed into 2021, soaring to around $65,000 per bitcoin before crashing back to $30,000 in July. Since then, bitcoin has roared back, topping $67,000 in October thanks to hype surrounding long-awaited bitcoin acceptance on Wall Street and growing belief the original cryptocurrency could replace gold as a digital store of value and inflation hedge.
"We are dealing with a bullish consolidation before another assault on bitcoin, which promises to make the year-end an extravaganza for the first cryptocurrency with a run to new all-time highs," Alex Kuptsikevch, senior financial analyst at FxPro, said in emailed comments, giving bitcoin a price target of "just above $90K, where [bitcoin] could be this month."
Alongside bitcoin's rally, ethereum has also charged higher, surging amid widespread adoption of ethereum-based decentralized finance (DeFi) and the ongoing craze for non-fungible tokens (NFTs). DeFithe idea that much of traditional finance can be recreated on the blockchain without the need for banksand NFTsa way to tokenize digital media and assets on the blockchainhave found huge new markets over the last year as people flock to digital assets.
Ethereum's growing list of use-cases, combined with a hotly-anticipated upgrade that is reducing supply and that developers hope will improve efficiency and scalability, has sparked predictions it will continue to outperform bitcoin. The ethereum price has added 1,000% since this time last year, compared to bitcoin's 4,00% rally.
CryptoCodexA free, daily newsletter for the crypto-curiousMORE FROM FORBES$1 Trillion Crypto Price Boom: Bitcoin Braced For Further Supply Shocks As Ethereum Suddenly SurgesBy Billy Bambrough
The bitcoin price has added almost 400% since this [+][-]time last year, rocketing into 2021. However, ethereum has left bitcoin in the dust with a 1,000% rally.Coinbase
"[Bitcoin] just doesnt have the network intensity that ethereum does," former Goldman SachsGS executive, crypto investor and founder of digital media company Real Vision, Raoul Pal, told his subscribers on YouTube. "Bitcoin has nothing like that going on."
Pal revealed he's "probably 85%" invested in ethereum, pointing to ethereum's "restricted supply" thanks to its transition to ethereum 2.0, and "about $100 billion locked up in DeFi, NFTs and all of that."
"Ether has seen a contraction in supply since last week, which plays in favour of the upside, especially attracting the attention of investors concerned about the abundant supply of money in the developed world and the huge debt load," added Kuptsikevch.
Last month, a panel of 50 bitcoin, ethereum and cryptocurrency experts predicted the ethereum price could top $5,000 per ether before the end of 2021and rocket to over $50,000 by 2030.Get the best of Forbesto your inbox with the latest insights from experts across the globe.Follow me onTwitter.Billy Bambrough
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.Read MoreRead LessEditorial StandardsCorrectionsReprints & PermissionsLoading ...