With the current bull run, Bitcoin might reach $100,000 by the end of 2021.
With the cryptocurrency market cap hovers above the $2 trillion, bitcoin, the world's largest and most popular cryptocurrency, could hit $100,000 by the end of the year if its current bull run continues., according to experts.
"Crypto assets are becoming more mainstream, with numerous brands embracing bitcoin as a form of payment all over the world." Mr Shivam Thakral, Chief Executive Officer (CEO), BuyUcoin, stated, "The current bull run is projected to continue, and we are quite hopeful that bitcoin will exceed the $100,000 level before the end of this year."
Last month, the total market value of cryptocurrencies surpassed $2 trillion, as bitcoin and other cryptocurrencies like as cardano, XRP, and dogecoin continued to rise. The global crypto market capitalization currently stands at $2.29 trillion, up 0.04 percent from yesterday, according to data by CoinMarketCap.
"The rise in the crypto market capitalization indicates that crypto assets are becoming more widely accepted around the world." Mr Thakral, CEO of India's second-longest-running cryptocurrency exchange, continued, "The world's oldest cryptocurrency, Bitcoin, has seen a spectacular bounce recently, and the newest ethereum update, also known as London Hard Fork, has boosted the ether price."
Last month, Bitcoin's price above $50,000 for the first time since May, continuing its recovery from a long downturn, as investors wagered that further US stimulus spending would lead to more gains for the virtual currency. Bitcoin has increased roughly 81 percent since hitting an annual low of $27,700 in January 2021.
As more established financial services organisations provide their consumers access to virtual money, cryptocurrency is on the mend. Last month, PayPal Holdings Inc stated that clients in the United Kingdom would be able to purchase, sell, and store bitcoin and other cryptocurrencies.
"We saw tremendous buying from individual and institutional investors during the July price drop, so the current Bitcoin rally was expected." Mr Thakral, CEO of BuyUcoin, stated, "Bitcoin has emerged as the most resilient and valuable asset class in modern human history, and we are hopeful that crypto will become the first choice of investors wishing to develop long-term wealth and fight inflation."
On September 4, bitcoin was trading 1.16 percent lower against the US dollar at $50,116, while ethereum, the world's second-largest cryptocurrency, was trading 1.44 percent lower at $3,906 versus the greenback.