Bitcoin and cryptocurrency prices have seen a remarkable recovery in the past week, reviving a tired crypto market. Bitcoin price is up nearly 30% in the past week, with ethereum up more than 20% (subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).
Now, an expert crypto panel has predicted that ethereum could double in price to $4,600 by the end of 2021 — a rise that would dwarf the panel’s forecast of bitcoin price. Polygon MATIC price has risen.
Price of Ethereum
“Ethereum’s price largely follows bitcoin’s halving cycles, although that relationship may begin to decouple over time, and as ethereum continues to develop use cases that bitcoin cannot reach,” said crypto founder Daniel Polotsky. ATM operator CoinFlip. “Its price could grow faster than bitcoin’s.”
Many panelists pointed to Ethereum’s highly anticipated upgrades designed to improve Ethereum’s scalability and efficiency, which started in late 2020 as the reason for their bullish forecasts. Earlier this year, ethereum co-founder Vitalik Buterin said upgrades that destroy (or “burn”) ether tokens could mean ethereum becomes more “sound” than bitcoin.
Switching from Ethereum
“The move from Ethereum to proof-of-stake later this year or early 2022 will lead to the supply of ethereum becoming deflationary and equating to multiple bitcoin halvings [cuts in bitcoin’s supply of new tokens] in terms of supply constraint,” said Token Metrics senior cryptocurrency investment analyst Forrest Przybysz, who believes ethereum will be worth $8,000 by the end of the year. “This makes it a better store of value than bitcoin, in addition to all the utility it offers that bitcoin doesn’t.” Chainlink (LINK) price has risen.
The panel average of 42 senior cryptocurrency specialists and academics, compiled by the personal finance comparison site Finder, predicted that Ethereum could be worth $4,596 by the end of 2021. Longer-term, the panel predicted that ethereum could reach $17,810 by the end of 2025 and $71,763 by the end of 2030, with 68% of the panel saying ethereum will eventually surpass bitcoin.
Earlier this month, the Finder panel predicted that bitcoin will overtake the US dollar as the dominant form of global financing by the year 2050, pushing the bitcoin price to just over $66,000 by the end of 2021.