Recently, the major digital coin has firmly established itself above the key round level of $70,000. However, many experts suggest that this is far from the end. Such a point of view is shared by experts of the company 10x Research. According to them, by January 2025 quotes of the flagship crypto asset may reach the area of $100 thousand.
The development of a sustainable upward trend will largely be facilitated by the support of bitcoin from institutional market participants. “Gold has always been perceived as a
a safe haven asset. At the same time, there are often theses that bitcoin epitomizes digital gold. Consequently, it is logical to assume that institutional organizations will turn their attention to it,” experts said.
The dynamics of spot bitcoin-ETFs largely confirms this thesis. Just in the last 24 hours, all funds have attracted more than $870 million from users. Since their appearance on the market, they have concentrated more than $22.3 billion under management.
Only in October, the total inflow of funds to ETFs exceeded the level of $4.1 billion. In addition, institutional activity contributed to the growth of securities of corporations related to mining.
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Analysts at 10x Research also expressed confidence in Donald Trump’s victory in the upcoming election. In their opinion, this will favorably affect the cryptocurrency industry. On the other hand, experts were skeptical about the short-term prospects of Ethereum.
They attribute this primarily to the growing competition in the market. Undoubtedly, the main altcoin remains the most popular platform for deploying decentralized applications and smart contracts. But technically, it loses out to many tier 2 solutions.
Author: Camila Russo is an experienced journalist with a strong focus on crypto news.
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