If you are starting the new year without cryptomorphs in your name, you may be wondering how to get started. Is it too late? Has the boat left yet? The good news is that 2021 is destined to have a great bullishness potential, thanks also to the institutional investors that entered the market last year, 2021 will probably be a bullish year.
The first cryptomeda, the largest and most commented on, is currently undergoing record price action in high ground, after more than two years in a bass market.
JP Morgan expects a long-term target of $146,000 for Bitcoin, but Bitcoin Legacy price forecasts for the end of the year have generally been more conservative.
2021 follows a year of halving, which historically has been a big boost to the price of Bitcoin, so it is another indication that Bitcoin will have a great year.
Ethereum reached its highest point since the beginning of the year. As a result, many investors are asking for a short-term target of $4,000 to $10,000, while for a long-term conversation they have put the smart contract platform at $75,000. This price is much higher than the current all-time Bitcoin record, so we should probably wait for BTC to enter this unknown territory before ETH can join forces to follow suit.
Phase 1 of ETH 2.0 should also be launched this year, which will improve one of the current obstacles facing the ETH: scalability. Currently, gas tariffs are driving up the price of network transactions, and with the emergence of DeFi and ERC-20 tokens built into the Ethereum block chain, this congestion is even greater than previous levels. Therefore, ETH 2.0 can have a major impact on the price of ETH throughout the year.
Bitcoin Cash has recently received the endorsement of influencer Kim dotcom. Kim says Bitcoin Cash solves many of the bottlenecks in the Bitcoin network and may become popular as more payment service providers like PayPal become more involved in crypto transaction processing.
If he is right, then Bitcoin Cash can offer an incredible advantage, currently trading around $500, with a huge upside potential. The previous BCH record was $3,785 in December 2017, so if this was chosen as an initial target, we could soon see gains of over 80% for today’s buyers.
Adding XRP to this list is clearly risky, considering the recent news of the SEC’s legal battle with Ripple Labs to determine whether XRP can be considered a title or not.
Several exchanges have already removed the asset, which has lowered its price to a minimum of $0.2. However, some have pointed out that a hypothetical risk could be to bet on what will happen to the price if the SEC loses the battle in court.
This could, in fact, result in a temporary buying frenzy that could significantly increase the price of the XRP.