Bitcoin quick rise in value in early April has since several analysts come up with different predictions on how much the coin would be worth by the end of the year.
There have been some analysts that have called for caution as the coin has lost value in recent days dropping from the $12,000 mark to $10,000 in the past week.
However there others believe that the coin is scheduled to explode in value in the next few months due to its antecedents.
This is a view shared by popular Bitcoin analyst Max Keizer who suggested in an interview with CNBC, Bitcoin’s growing dominance of the crypto market.
Bitcoin Market Dominance Could Hit 80% According To Keizer
Keizer said that the rapid developments of crypto space, as well as the adoption of Bitcoins by more business, would be the driving force behind the growth of the coin. According to him, the more people understand about the applications of cryptocurrency the better it becomes for Bitcoin.
Keizer also believes that altcoins would suffer as a result of these because mainstream crypto owners would prefer to utilize Bitcoin as more developments occur. According to him the current dominance of the coin could rise to 80%-90% in the coming weeks.
Kaiser could be right about his analysis of the current crypto market trend as the increase in the value of Bitcoin has not corresponded in a ripple effect for altcoins so far. Before the current bullish run, Bitcoin had a market dominance of 52%.
However, this figure has risen to 60.8% which shows that many crypto hodlers are losing trust in Altcoins and dumping their money into Bitcoin.
Bitcoin Analyst Max Keiser Reveals That Bitcoin Is Entering Its Fourth Cycle Could Hit $50,000 Mark
During a recent interview with BlockTV, Binance’s chief strategist, Gin Chao, talked about his thoughts about the real potential of cryptocurrency.
Chao argued that Bitcoin has gone through three previous cycles, and the fourth cycle has just started now. According to Chao, if Bitcoin follows historical trends, the range of $ 50,000 and $ 100,000 is not out of the question.
In conclusion, the fickle nature of the crypto market makes it difficult to make predictions about future prices. However, with the current massive adoption of Bitcoin across the world, there could be huge gains in the coming months but we envisage the coin hitting the $25,000 mark by the end of the year.