The bitcoin price, up 40% on this time last month, is edging closer to the psychological $50,000 per bitcoin level—helped on by the soaring price of ethereum, cardano, Binance’s BNB, Ripple’s XRP and the meme-based dogecoin.
Forbes- “[Bitcoin’s] still got plenty of room to get the old high,” Bloomberg Intelligence senior commodity strategist Mike McGlone said in a television interview this week. “If [bitcoin] just follows ethereum, it goes to $100,000.”
Ethereum, the second-largest cryptocurrency by value, has outpaced bitcoin this year, with its rise fueled by major upgrades, the booming decentralized finance (DeFi) market and the NFT craze—with both DeFi, which seeks to recreate traditional financing without the need for banks, and NFTs, unique digital crypto tokens tied to online media, almost entirely based on ethereum.
The ethereum price is up almost 700% on this time last year, while bitcoin has added around 300%. Other top ten cryptocurrencies—including ethereum rivals BNB and cardano, as well as Ripple’s XRP and Elon Musk’s pet project dogecoin—have made outsized gains compared to bitcoin.
Ethereum has climbed 70% this last month alone, while BNB is up 30%, cardano is up 65%, dogecoin is up 50% and XRP has doubled. After huge ethereum, cardano, BNB, XRP and dogecoin rallies, some expect bitcoin to begin to make gains.
“Bitcoin appears to have built a base around $30,000 that’s akin to $4,000 at the start of 2019, and we see performance parallels that could get the benchmark crypto back on track toward $100,000,” McGlone wrote this month in his August report.