Author: Georgia Mendoza

BECAUSE Crypto price forecast week 11: Record! Bitcoin by $ 60,000

Bitcoin analysis header price forecast

The digital currency

Weekends are the time for many people to think about their investments. That is why we bring the price forecast for the coming week. We also consider the course record that has just been set.

Before we start with our price forecast, let’s take a moment to consider the new Bitcoin price record.

Bitcoin sets new price record!

This morning the Bitcoin price shot through the old price record of $ 58,332. At the time of writing, the Bitcoin price is trading at EUR 50,351.50 ($ 60,176.63). That is a gain compared to yesterday of 5.78%. Since the price is still rising, it is not yet possible to say how high the new price record of the Bitcoin will become. We already have a historic moment, because it is the first time that Bitcoin exceeds EUR 50,000 and $ 60,000. Prediction of crypto prices Spain is popular.

Bitcoin’s positivity has a favorable effect on the entire crypto market, which is generally showing green numbers after yesterday’s news. Strongest riser in the top 25 is newcomer Chiliz (CHD), who registered an increase of 47.63% in 24 hours. There are also a few declines. The biggest drop is Solana (SOL), which, with a loss of 6.25%, has lost some of the profit of earlier this week. Of course you can follow all live crypto prices 24 hours a day on the website.

Was our price forecast of last week correct?

We foresaw a positive crypto market last week. With regard to Bitcoin, our expectations were correct, a price record is very direct proof.

We also provided a positive week for the top 25 crypto coins, with 2 exceptions. Ripple (XRP), which lost 2.34%, and OKB (OKB), which lost 5.61%, were the only top 25 cryptocurrencies in the red in the past week. This prediction was also correct. The Dogecoin (DOGE) and AAVE (AAVE), with which we were a bit more cautious, also performed well with a weekly result of 11.82% and 5.87% respectively. So we were even a bit too careful. Price prognose Crypto is popular.

With this information in mind, we naturally look ahead to the expectations for the coming week (week 11).

The Bitcoin price forecast in week 11

Based on the technical analyzes and the moving averages, all indicators are on bullish for the coming week. With that, Bitcoin has a positive week ahead. Now that the coin broke through the $ 60,000, it could be that there will be a temporary setback. Historically, it appears that the course does not always immediately cross a psychological boundary.

However, with the growing enthusiasm of institutional investors and the FOMO that will undoubtedly trigger the passing of $ 60,000, there seems little reason to expect a price correction later in the week.

In these cases, it is good to keep an eye on the on-chain metrics. This is the fastest way to notice a change in sentiment.

The prospect for the other crypto coins

The big trend right now is decentralized financing, so the DeFi coins will be back in the spotlight next week. In addition, we see that many crypto coins perform in correlation with the Bitcoin, which in short means that they rise when the Bitcoin rises and fall when the Bitcoin falls. This means that the crypto market seems favorable for next week, although it remains to be seen whether the American authorities will take further action in the crypto sector.

Although we saw last week that the top 25 coins with the lowest correlation were also successful, we still share them. Based on Intotheblock’s statistics, that is for the coming week, apart from the stable coins, Cardano (ADA) and Synthetix Network Token (SNX). Nevertheless, the technical analyzes also provide a buy signal for these coins.

So we look forward to a positive crypto week.

Binance comes with iDeal on the Dutch Bitcoin (BTC) market

Binance now supports buying Bitcoin (BTC) and other cryptocurrencies via iDeal. The payment option was announced in September and introduced this week.

Binance and iDeal

Customers must go through the full identification requirements at the exchange for this. In addition, the exchange charges a 0.55% commission per iDeal transaction. In January, Binance entered into a partnership with intermediary Banxa, which also has an office in Amsterdam.

Previously, investors from Europe had to rely on their credit card. But now transactions via the European payment network SEPA and iDeal are possible at the popular exchange.

Crypto law

As of May 21, bitcoin exchanges and wallet makers fall under the Dutch Money Laundering and Terrorist Financing Prevention Act (Wwft). has enough information. Foreign providers that, like Binance, have a Dutch-language marketplace also fall under this law.

It is expected that more and more foreign parties will enter the Dutch market, which will lead to a sharp increase in competition. There are still 38 parties in the race for registration with regulator De Nederlandsche Bank. 25 of the 38 applicants think the DNB’s requirements are too strict. One of the features on which companies will compete is commission costs per transaction. Some Dutch parties have already announced a reduction in transaction costs.

As a rule, this means that the gross profit margins of companies decrease, because commissions are an important part of the revenue model of brokers. That is why they are forced to offer other services as well, such as a payment card for example.

The fact that Binance, the exchange with the most liquid Bitcoin trading pair on the market, comes with the iDeal payment option, may be a reason for some traders to remain loyal to this exchange. has enough information. They can boast of a very wide range of smaller cryptocurrencies. Because the bigger a fair, the more volume it runs and the more it can turn the knob of commissions.

Not your keys, not your coins

Bitcoiners know better: they prefer to store their Bitcoin in-house by means of a hardware wallet. This gives you full control over your Bitcoin and you keep the private keys, the keys to your BTC, yourself. Every year on January 3, there is the Proof of Keys event, a moment to make Bitcoin owners aware that you do not have to depend on a third party.

ETH ‘Unlikely’ To Become ‘Popular Currency’ But It Can Still Compete With BTC

Overall, ethereum (ETH) is highly unlikely to become a “popular currency,” but it could still compete with bitcoin (BTC) in the long run, according to crypto firm Dragonfly Capital.

The firms’ General Partner Kevin Hu and Junior Partner Celia Wan wrote in their recent report that as institutional investors invest in BTC as the store of value story begins to become mainstream, their understanding of Ethereum and ETH is “complicated,” especially when concepts like decentralized finance (DeFi) and non-replaceable tokens (NFTs) are added to the mix.

While an ETH bull might argue that if the Ethereum network becomes ubiquitous and fees stabilize, ETH could become a popular currency, “that’s highly unlikely and stablecoins are fundamentally much better at both functions, even if Ethereum becomes a dominant platform.” says the author. said, adding that “ETH is unlikely to succeed as a medium of exchange and unit of account.” Chainlink price has risen.

Although ETH has five times the market cap of ERC-20 stablecoins, their total on-chain volume already exceeds that of ETH ($10 billion versus $8 billion per day), with off-chain volumes showing an even greater difference.

However, since it is used as collateral in DeFi, as a non-sovereign store of value, ETH may still have a chance to capture some potential market share. “In the long run, it’s conceivable that ETH could even compete with Bitcoin in terms of scarcity, durability, and tamper-evity,” noted Hu and Wan. Polygon price has risen.

As the reasons behind this statement they give:

EIP-1559 will lead to the stabilization of ETH’s monetary policy and inflation is likely to be halved;

Ethereum 2.0’s security model will eventually be “almost as proven” as Bitcoin’s, and a proof-of-stake consensus mechanism is likely to increase Ethereum’s security guarantees if ETH is sufficiently valuable;

if Ethereum and DeFi become the ‘financial layer of the future’, ETH could remain one of the most important collateral because it was the first collateral to scale and the DeFi ecosystem is built around it.

Having said all that, the authors believe it is possible for ETH to take 10% of BTC’s market share if Ethereum and DeFi continue to grow. If BTC’s potential market cap is around $4.7 trillion – $14.6 trillion, the potential monetary value of ETH could be between $0.5trn and $1.5 trillion, they said.

In addition, the Dragonfly Capital partners noted that ETH “will become a capital asset in addition to a consumable item [that] should have a profound effect on ETH’s appreciation in value,”

“Even if other tokens such as stablecoins can replace Ethereum as alternative forms of payment in the future, ETH will still be used by network validators for wagering and receiving rewards. Therefore, ETH is likely to generate value from demand such as a consumable and cash flows as a capital asset,” they said.

The venture capitalists also argued that the current DeFi ecosystem on Ethereum has formed a positive feedback loop, with users both bringing the liquidity-based network effect to DeFi and benefiting from a liquid DeFi market.

Lock in effect

“In addition, the composability and interoperability of DeFi protocols have created a lock-in effect for Ethereum, making it difficult for other Layer 1s and sidechains to compete,” they concluded. The authors have also given a very rough estimate when it comes to ETH’s potential valuation: between $3.7 trillion and $4.7 trillion “in the distant future.”

At 16:12 UTC, ETH’s market cap was $247 billion. ETH traded at $2,119 and was up nearly 1% in a day and 6.5% in a week. At the same time, BTC’s market cap was $631 billion. The cryptocurrency traded at $33,661, or 1% higher than a day ago, cutting weekly losses to less than 3%.

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