The favorable information background contributes to the current growth of the flagship cryptocurrencies, however, before the bitcoin network update, expected in November 2021, the rapid growth of digital gold should not be expected. Yuri Mazur, head of data analysis at CEX.IO Broker, stated this in a comment to Cryplogger.
According to the expert, the influx of new funds to the market in August is due to the disclosure of the internal potential of assets, first of all, this concerns the successful upgrade of the Ethereum network. Bullish incentives also include the upcoming Taproot Bitcoin soft fork and the September launch of smart contracts on the Cardano network.
“The evolution of cryptocurrencies is likely to have a long-term effect and make digital assets more independent of external factors,” Yuri Mazur believes.
He emphasized that the negative from regulatory bodies and states was practically won back in quotes:
- China has already taken all possible steps to squeeze out competitors of the digital yuan from the local financial market.
- The US authorities are unlikely to follow the Chinese model, wanting to avoid comparison and criticism.
- An attempt by the British regulator to influence the bitcoin rate was unsuccessful, investors ignored his actions.
“Now the driver for the further growth of bitcoin, most likely, will be the expectation of updating its network, however, before the introduction of a new algorithm, a strong directional movement should not be expected. Most likely, the rate of the first cryptocurrency will be limited to values near the level of $58,000,” Mazur said.
More interesting, according to him, are the immediate prospects for Ethereum. The analyst explained this by saying that the ecosystem of the second cryptocurrency showed versatility and greater adaptability than bitcoin and other coins.
Any attempt by digital asset developers to add smart contracts to their networks will go “to the Ethereum piggy bank”, in the blockchain where they were first applied, he added.
“Investors will most likely try to test the strength of the $4,000 level, and then send quotes of the second largest cryptocurrency by capitalization above $4,500,” the expert suggested.
Bitcoin breaks $50,000 again, Ethereum gets close to $4,000
Earlier, Delphi Digital experts concluded that the growth of Ethereum was facilitated by the derivatives market.
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The favorable information background contributes to the current growth of the flagship cryptocurrencies, however, before the bitcoin network update, expected in November 2021, the rapid growth of digital gold should not be expected. Yuri Mazur, head of data analysis at CEX.IO Broker, stated this in a comment to Cryplogger.
According to the expert, the influx of new funds to the market in August is due to the disclosure of the internal potential of assets, first of all, this concerns the successful upgrade of the Ethereum network. Bullish incentives also include the upcoming Taproot Bitcoin soft fork and the September launch of smart contracts on the Cardano network.
“The evolution of cryptocurrencies is likely to have a long-term effect and make digital assets more independent of external factors,” Yuri Mazur believes.
He emphasized that the negative from regulatory bodies and states was practically won back in quotes:
- China has already taken all possible steps to squeeze out competitors of the digital yuan from the local financial market.
- The US authorities are unlikely to follow the Chinese model, wanting to avoid comparison and criticism.
- An attempt by the British regulator to influence the bitcoin rate was unsuccessful, investors ignored his actions.
“Now the driver for the further growth of bitcoin, most likely, will be the expectation of updating its network, however, before the introduction of a new algorithm, a strong directional movement should not be expected. Most likely, the rate of the first cryptocurrency will be limited to values near the level of $58,000,” Mazur said.
More interesting, according to him, are the immediate prospects for Ethereum. The analyst explained this by saying that the ecosystem of the second cryptocurrency showed versatility and greater adaptability than bitcoin and other coins.
Any attempt by digital asset developers to add smart contracts to their networks will go “to the Ethereum piggy bank”, in the blockchain where they were first applied, he added.
“Investors will most likely try to test the strength of the $4,000 level, and then send quotes of the second largest cryptocurrency by capitalization above $4,500,” the expert suggested.
Bitcoin breaks $50,000 again, Ethereum gets close to $4,000
Earlier, Delphi Digital experts concluded that the growth of Ethereum was facilitated by the derivatives market.
Subscribe to Cryplogger news in Telegram: Cryplogger Feed – the entire news feed, Cryplogger — the most important news, infographics and opinions.
Found a mistake in the text? Select it and press CTRL+ENTER
