According to participants in a survey conducted by finbold, both currencies could increase between now and the end of September, although there are more expectations regarding ethereum for the update that will come in the middle of that month.
- Respondents project a BTC close to USD $30,000 by the end of September
- Here the perspective is timid, and considers macroeconomic conditions
- As to ETH, the expectation exceeds USD $2,000 per unit
- Sentiment is positive due to expectations for The Merge
Many in the market wonder when the end of the so-called crypto winter will come, and although there seems to be no answer for it, the prospects seem to be set for next September, since popular opinion suggests that at least Bitcoin (BTC) Y Ethereum (ETH) will see a slight rise in their prices.
This is revealed by a couple of surveys recently carried out and published by the team of finboild, in which the community indicated that the prices of BTC Y ETH they could overcome the downward trend in recent weeks and resume important barriers by the end of next September.
Bitcoin would be around USD $30,000 per unit
Let’s start with the case of Bitcoin, The main digital currency that at the time of publication is quoted at about USD $21,526 per unit, which the respondents estimate could reach close to USD $30,000 by the end of next month.
Specifically, estimates show an average value of about USD $29,340 for the next 30 days, which reflects positive perspectives among participants regarding the digital currency, although not so optimistic as to project higher figures taking into account the continuation of the crypto winter.
see to Bitcoin close to USD $30,000 would imply an increase of at least 36.7% compared to current values, a measure that may not be far from what has already been seen since the digital currency managed to trade for brief moments above USD $25,000 per unit last August 14. However, the current environment may not be very encouraging for cryptocurrencies in general, especially due to regulatory uncertainty and macroeconomic conditions that shake the main markets.
Let us bear in mind that some of the announcements that are making their weight felt strongly on the main digital currency are those made by the US Federal Reserve (FED), which is still trying to deal with the inflationary levels that are shaking the nation, which is why it has been decreeing increases in interest rates to regulate the local economy.
ethereum over USD $2,000
On the other hand we have ethereum, second digital currency with the largest market capitalization, which at this time is trading at about USD $1,651 per unit. For survey participants, the price of each ETH it could exceed USD $2,000 at the end of next September.
In the case of ethereum, the overall voter average yields an estimated value of about USD $2,102 per unit, a figure that would represent an increase of 29.7% with respect to the values seen at the time of publication. Here the prospects seem to be more favorable than in the case of Bitcoin, since these estimates would be supported by the next major update that will come for the digital currency network.
For many analysts and investors of the digital currency, the arrival of the update known as “The Merges” will bring important changes to the functioning of the digital currency and its network, mainly starting from the fact that the consensus algorithm will be Proof-of-Stake (PoS), system that will displace the previously used Proof-of-Work (PoW) and represents a significant reduction in electricity consumption, accompanied by greater scalability and lower transaction costs.
As indicated by the investor Raoul Pal, the merge it represents a change in the operating model for the network, which would lead to the digital currency becoming a much more attractive and scarcer investment asset. Without mining participation, now block validators will not need to sell ETH earned/produced, which significantly shortens the supply on exchanges and creates more interest in staking on the network, which would also shorten liquidity. available to finance projects DeFi / CeFi based in Ethereum.
But although the reading is positive from this perspective, others also suggest that a change in the governance model would also bring problems for the network. One of these has to do with possible censorship, something that has already been seen after what happened with TornadoCash and the reaction by exchanges and reputable services within the ecosystem to block transactions. On the other hand, there would be possible disagreements regarding the course of ethereum, which would trigger future hard forks similar to what happens with ETHPoW and intend to keep a version of the network under mining PoW.
Article by Angel Di Matteo / DailyBitcoin
Picture of unsplash
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.