Analysts predict a price surge in Bitcoin and other cryptocurrencies, including, but not limited to, ETH and XRP. This comes despite the government declaring a crypto emergency. With that said, BTC is expected to be the biggest gainer on the list, with the price estimated to surpass its ATH in the months to come. ETH, XRP, and other tokens would follow the trend.
Arthur Hayes, a crypto trader, has estimated that the price could go as high as $1 million. Thereby pushing the Market Capitalization of Bitcoin closer to the $1 trillion mark. Calling the move Fed flip, Arthur has said that a pivotal moment will happen when more banks fail. The Founder of Bitmex exchange has added that another banking crisis could happen in less than a year since Silicon Valley Bank collapsed.
The statement came after the stock prices of NYCB, New York Community Bankcorp, crashed this week following the revelation of a loss.
Hayes has mentioned that while Powell is confident about the performance of America’s economy and banks’ strength, NYCB, for one, states otherwise. They have concluded by saying that a bailout could be on the horizon. Bitcoin’s prices will rocket if the government and the Federal Reserve Bank are forced to come up with a bailout.
Arthur Hayes is not the only one to predict the rise to $1 million for Bitcoin. Balaji Srinivasan made a similar prediction last year. Balaji hails from Coinbase and has experience working there as a Chief Technology Investor. They made a similar prediction but later withdrew it when Bitcoin did not rally to that level. However, they are optimistic about Bitcoin and the US Dollar changing their dynamics later.
According to their estimate, the US Dollar will collapse against Bitcoin. Alex Kuptsikevich, the Senior Market Analyst at FxPro, said that the market has confidently moved to a state of greed, adding that last month’s corrective pullback and consolidation in the early days of February have helped Bitcoin gain massively this week.
For reference, the trading value of Bitcoin has gone up by 11.38% in the last 7 days, with the token exchanging hands at $47,905.52 at the time of articulating this piece. It further reflects an increase of 4.11% in the last 30 days.
ETH and XRP follow the trend, with Ethereum being traded at $2,477.85. It held a monetary gain above $2,500 but has now marginally slipped back to below that level. Nevertheless, it remains a gain of 6.98% in the last 7 days.
XRP has hit $0.5172 for a gain of 2.95% in the last 7 days. Initial reactions to the launch of Spot Bitcoin ETF applications were mixed as the value even dipped down to $40,000 from a high of $47,000. The token has gained that respect back, and all eyes are on how Bitcoin Halving goes plus what happens to the banking structure.