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Ethereum may help bitcoin break $100,000 milestone

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If the number one cryptocurrency in its performance and functionality was on a par with ethereum, then this year bitcoin would be trading for $100,000. This was told by Mike Maglone, senior commodity strategist at Bloomberg.

"Ethereum was more dominant than bitcoin and beat the number one cryptocurrency on all fronts. If we consider the market indicators from the beginning of the year to this month, the main altcoin grew by more than 320%, and the yield of bitcoin was only 54%," he said. However, Maglone is confident that bitcoin will soon be on an equal footing with ethereum in terms of profitability, which can be a catalyst for the growth of bitcoin up to $100,000. Maglone did not delve into the various factors that could be a catalyst for the growth of bitcoin.

Earlier, in their reports on cryptocurrencies, some growth factors were indicated that could stimulate the growth of bitcoin up to $100,000. The reports noted that crypto enthusiasts and bitcoin supporters believe that bitcoin can be competitive with the US dollar and become a global reserve asset.

This can be said because the fixed supply side of digital gold makes the cryptocurrency much more reliable than the dollar. In 2020, the Federal Reserve was able to print about $3 trillion. As a result, last year bitcoin closed its position 260% higher, which suggests that bitcoin is the main protective asset against inflation and the depletion of the dollar for investors.

However, the dominance of bitcoin has fallen sharply since December 2020, at that time it reached 73%, now it is about 47% - this may indicate that traders have shifted their gaze to other altcoins, in particular to the main altcoin. Ethereum has become a sponsor of a major drop in the dominance of bitcoin.

Now the dominance of Ether is 20%. This was facilitated by the increase in the number of NFT tokens, they are authentic digital files. Ethereum developers are constantly working on scaling the blockchain. The other day, ethereum received a new software.

At the moment, ethereum is colossally superior to bitcoin in terms of network transactions and commissions for them. Many analysts are confident that ethereum can throw bitcoin off the throne and surpass it in market capitalization by 2023. However, bitcoin itself will cost $100,000, and ethereum will cross this threshold and will cost even more.

The material has been provided by InstaForex Company - www.instaforex.com