Bitcoin continues its march to a new all-time high after reaching $79,645 todayNovember 10. The recent strong performance of crypto assets is supported by on-chain data, indicating increased demand from US-based traders in recent weeks. With the US Federal Reserve cutting interest rates by 25 basis points, many market analysts are looking forward to the continued rise of Bitcoin, at least in the short term.
Jan Van Eck, CEO of VanEck, is one of the leading analysts betting on the rise of the top crypto assets. According to van Eyck, Bitcoin will exceed $300,000This is a reasonable estimate. Additionally, Van Eck and other market experts shared the same sentiments, with Fundtrat’s IT director predicting that BTC will trade over $100,000 before the end of the year.
It should be $300,000 each #Bitcoin Indeed, if not for the number #panties and #Futures It will already be there. While it could reach that by December 2024, certainly $100,000 by then, perhaps more than $300,000 by April 2025, $1.5 by 2030, and therefore more than $2.9 by 2050, for example. 5 million dollars! https://t.co/2El2pHtn1K
– Capmerin (@capmeren) October 21, 2024
Van Eck: $300,000 is a “reasonable assumption”
The continuing rise of Bitcoin, coupled with the results of the US presidential election, has captured the attention of market analysts. Last Friday, CNBC invited CEO Van Eck to highlight the performance of the best digital assets and predict the next price move. Van Eck predicts that the price of BTC will eventually exceed $30,000.
BTCUSD trading at $79,730 on the daily chart: TradingView.com
When asked to clarify, the CEO said his estimate was a “reasonable assumption” given current market conditions. Van Eck also predicted that Bitcoin will be the industry Digital gold It will soon achieve half the total market value of gold.
Interestingly, the CEO insisted that his price forecast is conservative and that other bullish analysts would give a higher estimate for Bitcoin. He added that his estimate is just a base price, and he would not be surprised if the cryptocurrency exceeds his target.
Bitcoin: Market performance driven by increased demand from investors
In the same interview with CNBC, Van Eck shared that Bitcoin’s recent rise is partly fueled by individual and institutional demand for ETFs. He cited the size of the Bitcoin ETF market on Thursday, which boasts an inflow of $1.37 billion.
Then there is the recent victory of Republican Donald Trump. Trump has been seen as friendlier toward cryptocurrencies and blockchain technology, and has publicly shared his plans to make the United States the “Bitcoin capital” of the world.
Ethereum is a good buy, says van Eck
In addition to Bitcoin, CEO VanEck also discussed other alternatives to cryptocurrencies, especially Ether and Coinbase. Van Eck stated that both of these alternatives are great, with ether as the better option. He added that stablecoins will soon dominate the global payment system, and the Ethereum blockchain will benefit from this trend.
Featured image by Dall-E, chart from TradingView