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Ethereum To ‘Exceed’ Bitcoin But Both Could Be Left In The Dust By Cardano

Ethereum To ‘Exceed’ Bitcoin But Both Could Be Left In The Dust By Cardano
Written by publisher team

Bitcoin and cryptocurrency prices have been trading sideways this week after rallying during early August — even as bankers predicted a “seismic” financial turn toward cryptocurrencies.

Bitcoin price failed to find a foothold over $50,000 per bitcoin, falling back towards $45,000. The second-largest cryptocurrency by value, Ethereum, which has outpaced Bitcoin over the past year, has also suffered — dropping about $3,000 per ether token this week.

With crypto traders and investors desperate for direction, the CEO of financial advisory group deVere said he expects Ethereum to continue to outperform Bitcoin this year and gave Cardano’s ADA token a September price target of $3, up 16% from its current price. .

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“Cardano is now behind the headlines in bitcoin and ethereum,” deVere CEO Nigel Green said in comments via email this week. “I think the price of Cardano is going to reach all-time highs next month, and it’s going to be over $3.”

Green indicates “three major drivers” driving Cardano’s price higher, including the “broader crypto market rally,” a closely watched upgrade in September that will grant Cardano smart contract functionality similar to Ethereum, and Cardano’s green energy credential compared to Bitcoin and other similar energy-consuming cryptocurrencies.

Earlier this month, Green said he expected Ethereum, with a combined value of $365 billion, to eventually outpace the market value of Bitcoin, which is currently more than double its value at nearly $900 billion.

Green noted Ethereum’s “higher level of real use potential” and “investor enthusiasm for the game-changing transition to ETH 2.0.” The long-awaited Ethereum upgrade, designed to make the blockchain more scalable, sustainable and secure, began late last year and is not expected to be completed until 2022.

“Ethereum is more useful than Bitcoin and has technical advantages over its well-known competitor. Ultimately, this will mean that its value will exceed the value of Bitcoin – perhaps within five years.”

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Elsewhere, watchers of the bitcoin and cryptocurrency market are optimistic about the bitcoin price due to a number of recent positive developments.

“From its lows in July, when the price briefly dropped below $30,000, the rate is up 72%, and peaked at the start of the week, so the corrective pullback is offsetting some of the short-term exhaustion,” said Alex Kopetsekewicz, chief analyst. Finances at FxPro, respond in emailed comments pointing to a recovery in bitcoin computing power after recent crackdown on China and banking giant Citigroup.

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It is looking to gain regulatory approval to launch Bitcoin futures trading on the Chicago Mercantile Exchange.

“Further declines to between $42,000 and $44,000 are not beyond the usual market dips, but a deeper decline would bring back a more negative scenario.”

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