Bitcoin could reach $ 100,000 if it copies Ethereum, says Bloomberg analyst

Senior commodities strategist Mike McGlone said that if Bitcoin caught up to Ethereum’s performance this year, it could hit six-digit numbers

Bitcoin could be worth $ 100,000 if it succeeds in replicating Ethereum’s past performance for 2021, according to a Bloomberg analyst.

In a tweet on Monday, Mike McGlone, chief commodities strategist at Bloomberg Intelligence, said that if Bitcoin caught up to Ethereum’s performance this year, the price would “approach $ 100,000.”

Ethereum In 2021 Is Bitcoin Guidance For $ 100,000: Flippening? If #Bitcoin caught the performance of #Ethereum this year, the price of the number 1 cryptocurrency would approach $ 100,000. Although we see Bitcoin this way, little seems to stop the process of flipping Ethereum pic.twitter.com/7JKFe60JyZ

– Mike McGlone (@ mikemcglone11) August 9, 2021

READ: Ethereum network destroys over $ 450,000 worth of crypto every hour if upgrade goes live

The valuation follows a sharp rise in the price of Ethereum over the weekend after a major upgrade to its blockchain network began a process of removing amounts of crypto from circulation, a process known as “burning” every time a transaction is made on the network.

As of midday trading in London on Tuesday, Ethereum is currently at a three-month high of $ 3,119, up 0.7% over the past 24 hours.

However, the rise of Ethereum also suggests that it could potentially overtake Bitcoin as the most valuable crypto in the world, with Bitcoin’s share of the overall market falling from 73% at the end of last year to around 47%.

Ethereum, meanwhile, has doubled its stake from 10% to 20% over the same period, largely due to the booming popularity of non-fungible tokens (NFTs) and the development of new decentralized finance apps (DeFi) that use its blockchain as a foundation.

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