Optimism dominates the market on the 8th, with Bitcoin expected to surpass $100,000 by the end of this year as Bitcoin showed a solid trend, keeping the $54,000 mark, although it fell slightly due to the realization of profits from the previous day’s surge.
In an interview with Business Insider on the 7th, entrepreneur and cryptocurrency advocate David Gonstein said, “Institutional investors such as large banks are entering the cryptocurrency market one after another,” adding, “Bitcoins will surpass $100,000 and Ethereum $10,000 by the end of this year.”
As of 9 a.m. on the 8th (GMT+8), Bitcoin is $54,077 and Ethereum is $3,601, respectively, on Coin Market Cap, a global coin market broadcasting site.
Recently, mega banks on Wall Street, including Bank of America, are entering the cryptocurrency market, he said. “The cryptocurrency rally will continue for the time being.”
CoinDesk, a media specializing in cryptocurrency, also reported on the same day that Bitcoin is likely to rally further, saying that the volume of cryptocurrency transactions such as Bitcoin has increased sharply recently.
Citing its own data, CoinDesk said the volume of transactions in the spot market has more than doubled over the past 10 trading days.
Historically, the bullish market in October also adds optimism. According to data from Kraken, a cryptocurrency company, October tends to close 13% higher on average than other months.
In addition, CoinDesk predicted that cryptocurrency rallies such as Bitcoin will continue for the time being as the Securities and Exchange Commission (SEC), the U.S. securities supervisory authority, may approve the Bitcoin Exchange Fund within this year.
