In a recent edition of the popular market analyst report, the David Lin Report, leading American Crypto Analyst Benjamin Cowen made a few predictions for the digital currency market. In the report, Cowen predicted that the market value of BTC could surge by up to 14% from the current levels. This will mean that BTC might have the golden chance of hitting the previously predicted 2023 high of $35,000. This will be a major goal accomplished by BTC in the span of almost a whole year.
Bitcoin was trading at $30,662 during the time of writing. In the report, Cowen also added that the forecasted surge of the value of BTC to $35, 000 may not be something very beneficial for the altcoin market. This is because the altcoin market will still probably continue to get ruined on their Bitcoin pairs.
When asked what is the reason because of which the value of Bitcoin is surpassing the value of altcoins, Cowen answered the question by stating that BTC is doing better and has higher value than altcoins due to its relative market safety. Cowen clarified that the value of Bitcoin is still capable of experiencing a fall. However, it is relatively a lot more secure than the altcoin market, as liquidity there is drying up.”
At the same time, Cowen also announced on his twitter handle with over 750k followers that Ethereum, a decentralised blockchain exchange, could possibly collapse against BTC. On the other hand, Polygon, a multichain blockchain system, also seems to appear bearish before the BTC market value. Therefore, Bitcoin hitting the 2023 high may prove problematic for other digital currency and altcoin traders. Will these predictions come true? Only time can tell.
However, on the other hand, several efforts are being made by BTC exchange firms, and professionals, who are working in the field of digital currencies, to make blockchain and crypto currencies not only more popular and usable, but also eco friendly and sustainable.
Outlook India lately reported on their website that despite having a struggling history of competing with the momentum of BTC market value, ETH has recently changed their business model from a Proof of Work system to that of a Proof of Stake one. Such a system which is much more beneficial for nature and environment, and also indicates a growing trend towards sustainability and lowered carbon emissions in the blockchain and digital currency industry.
The proof of work system is a system in which energy-hungry computers approve transactions by solving complicated numerical and mathematical problems. However, the brand new and latest proof of stake system adopted by leading altcoin exchange Ethereum, is one in which individuals and firms act as the validators instead of the power consuming machines, using the Ether they own as a form of collateral. As a result, the validators are able to win newly created tokens.
Many blockchains consume massive amounts of power and therefore have faced a lot of scrutiny from environmental activists and even some investors. Until now, a single transaction carried out over Ethereum used the same amount of power as an average U.S. household consumes over the span of a week, according to Digiconomist, a platform dedicated to unleash the unintended effects and consequences of digital trends.
The new Ethereum software update, known as Merge will be using and consuming 99.95% less energy, as told by the Ethereum Foundation. This step towards making Crypto environmentally friendly and sustainable may help Ethereum emerge as a leading crypto exchange in the near future.
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