Bitcoin will reach US$100,000 rather than sinking below $20,000

Crypto trend is upward, while Ethereum is going to take the throne of the market, it has surged 271% in 2021, from the data of Bloomberg Galaxy Crypto Index. Besides, analysts believed that Bitcoin could reach US$100,000 in this year rather than consolidating at US$20,000, according to the Bloomberg Crypto Outlook released on 2 June.

Currently, the market capitalization of Ethereum is US$3180 billion, which is almost 50% of Bitcoin’s, according to Coingecko. However, Ethereum cannot replace it even if it moves toward №1 market-cap status, as they are under different positions: Bitcoin is a store of value to hedge fiat money, while Ethereum focuses on the applications(Dapps) and building the ecosystem.

Overall, there is a dip in both market capitalization and the total valued locked(TVL) in DeFi market. The cumulative TVL in Mid-May was over US$115 billion, but when the market entered into correction, the cumulative TVL has dropped 30% to US$80 billion.

Despite of the poor performance of crypto market recently, Cryptology Asset Group, an investment company for blockchain- and crypto-related businesses founded by Christian Angermayer and Mike Novogratz, announced their plan to invest US$100 million into crypto-related venture funds over the next 2 years.

TideBit is a leading crypto asset exchange supporting fiat currency.