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Mike McGlone: Ethereum might be the reason why Bitcoin is not continuing its growth

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According to McGlone, Ethereum, with its hype and mainstreamness, is the only factor that is holding back Bitcoin's growth.

He is confident that Bitcoin has all the prerequisites to continue its bullish movement, but the development of Ethereum by leaps and bounds, its mainstream adaptation, the imminent release of the new Ethereum 2.0 model prevent the main digital asset from breaking through the level of $ 100,000. McGlone responded with regard to the fair value of Ethereum and stated that Ethereum has every chance to surpass Bitcoin in the future both in terms of the number of hodlers who store it on their wallets and in terms of global capitalization. If so, it can become the number one cryptocurrency.

The entrance of Ethereum into the mainstream slows down Bitcoin's breaking through of its historical highs very much. People are beginning to realize that the ETH network is a real magic wand, a payment block for all financial technologies. NFT is also one of the main prerequisites for the accelerated growth of Ethereum.

Currently, non-interchangeable tokens are extremely discussed and popular. More and more people are turning their attention to NFTs, which are built on the Ethereum network – this is one of the main catalysts for the growth of Ethereum's price. McGlone emphasized that Ethereum is unlikely to break through the mark of $ 20,000 this year, but it can surpass the price of $ 4000-5000 by the end of the 4th quarter.

The number of new or zero Ethereum wallets has also increased, and there are more and more holders and addresses that store at least 1000 or more ETH on their accounts. At the moment, Ethereum is trading at a price of $ 3,000, and the main driver for overcoming the $ 3,000 level was the launch of the London hard fork.

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