7 September 2021
Cryptocurrency prices continue to rise, a recovery from the market’s spectacular summer 2021 decline. Bitcoin has climbed to more than €44,000 in recent days, and Ether’s price has topped €3,300.
The crypto market is notoriously volatile, but historically, plunges like those investors experienced in May, June, and July have been followed by long periods of gradually rising prices. Many cryptos are trading at their highest prices since mid-May.
A growing number of analysts are now predicting that Bitcoin could rise to €84,000 – $100,000 – by the end of 2021. Chainalysis CEO Michael Gronager said as much in a 3 September interview with Bloomberg.
Kraken CEO Jesse Powell agrees. “We could see $100,000-plus per coin late this year, early next year,” he said in August.
Meanwhile, the continued growth of decentralized finance applications has helped Ether’s price rebound at a faster percentage rate than Bitcoin’s. Some analysts predict that Ether’s price will eclipse Bitcoin’s in the long run.
Given the optimism around crypto, it is no wonder that an August 2021 Association of Forex Dealers survey of 502 Russian citizens found that 76.9 percent would prefer to invest in cryptocurrencies over traditional assets like fiat currencies and gold.
Only 23.1 percent of Russian survey respondents said they have never bought or sold cryptocurrency. Of them, 80 percent say they intend to get into the crypto market.