Cryptocurrency News Update:The bitcoin price recently rose to $52,000 per bitcoin this week and then dropped to around $42,000. The price of Ethereum, the second-largest cryptocurrency after bitcoin, moved closer to touching its all-time high this week before pulling back. Now, UK giant Standard Chartered has released a bitcoin and ethereum price prediction, showing bitcoin rising 10x with bitcoin three times above its current levels.
In a report first spotted by The Block, analysts at the bank said they expect the price of bitcoin to rise threefold, bringing its value to $50,000. and $175,000 per bitcoin, while Ethereum is expected to rebound 10x from its current levels, with a price target of between $26,000 and $35,000 per ether. The bank expects Ethereum to eventually overtake Bitcoin in terms of total value.
Ethereum has been compared to a “financial market” that facilitates lending, insurance and exchanges by a global research team at Standard Chartered, led by Jeffrey Kendrick, who found bitcoin to be a “currency”.
In other words, while the potential returns may be higher for Ethereum than for Bitcoin, the risks are also higher,” the Bank team said, noting the relative complexity of the current Ethereum price (versus Standard Chartered also expecting gains from Ethereum). The final upgrade to version 2.0, which debuted last year and is designed to improve the network, increase functionality and improve efficiency. The much-anticipated upgrade isn’t scheduled until at least 2022.