Bitcoin has been making progress since its mid-year crash and even managed to make a new all-time high of $67,000, but the biggest cryptocurrency by market cap has since been struggling between the 61k-to 63k range.
Even so, analysts are confident that $100,000 is an achievable target by year-end.
Meanwhile, Ethereum is making a more exciting bull run, as it has made several new highs in the past two weeks, topping $4,600, the second-largest cryptocurrency has gained over 140% in the last six months.
ETH’s gain recently could be attributed to the surging adoption of non-fungible tokens (NFT) and DeFi projects that run on the Ethereum network. For the past few months, non-fungible tokens have been a heated topic not only among the tech-savvy but also in traditional markets.
For instance, EA said NFTs could be an important part of the game industry. And Quentin Tarantino revealed his plan to mint seven “Pulp Fiction” scenes as NFTs. Projects like NFTs are penetrating into the everyday life of people, and the Ethereum network where these projects run naturally become even more promising.
In a YouTube talk, former Goldman Sachs executive Raoul Pal said that “Bitcoin just doesn’t have the network intensity that Ethereum does.”
Another factor that boosted the price of ETH is its burning mechanism following the recent Altair upgrade to the Beacon Chain. To date, more than 8 million Etheruem has been burned. While this doesn’t mean ETH will become a deflationary asset like Bitcoin, the full upgrade of ETH is expected to reduce gas fees, accelerate the speed and enhance network security.
At the moment, ETH is having minor corrections, but the market remains confident. In his tweets, cryptocurrency analyst Michaël van de Poppe said ETH could hit $6,000 soon, and later he commented that it would be trading at $20k soon.
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