Will Bitcoin and Ethereum still recover if they fail to get back to the top of Key Barrier?

According to the press release, Bitcoin lost 1.08% to $ 48,352.26 per coin and Ethereum lost 1.34% to $ 3,952.89 per coin. Bitcoin rose as the stock market rebounded on Wednesday, but has yet to cross the $ 50,000 mark.

Crypto exchange Michal van de Poppe said on Wednesday that Bitcoin was rumored to hit $ 150,000 a coin by the end of the year, but the price level is now above "average."

“Bitcoin will still face the $ 50,000 mark. Scientists will have to wait and see before the bar crosses,” said Edward Moya, research director of OANDA. "Bitcoin and Ethereum are both on 'vacation', and they continue to rally around their technology platform. There is no supporting news that they are going to explode."

However, there are also rumors that Bitcoin and Ethereum could be reversed.

After the release of over 90% of Bitcoin, Bitcoin shortages have multiplied. While the price of a Bitcoin version does not determine performance, it does determine how well a Bitcoin version can be and often is traded in the market. , but the point is, most Bitcoin devices in circulation have little to no sales. the story. The company has it.

In December of last year, data analytics firm Glassnode released a report identifying the bitcoin product portfolio and breaking down bitcoin holders into three types: high liquidity, liquidity, and no liquidity. In total, 14.5 million Bitcoins (78% of Bitcoin circulation) are held by illegal companies.

At the time, Glassnode pointed out: Mined bitcoins are commercially available, but most bitcoins are held by those who refuse to sell (these groups are called "HODL" groups in the bitcoin community). In fact, most of the Bitcoin supply mined is not from the apple. Some of the biggest bitcoin miners in the world are starting to enter the HODL rankings this year. For example, the Canadian miner Hut8 was mined last November. Total of 256 Bitcoins issued As of November 30 of this year, the company has reserved 5,242 Bitcoins.

"This shows that we are expecting highs," said Marcus Sotiriou, analyst at GlobalBlock, a UK-based financial services company.

As for Ethereum, a report by independent research firm Delphi Digital reports that the number of smart contracts used in the Ethereum network has declined and shipping costs have increased. According to the report, "the smart contract submission to Ethereum went into effect in June 2021. Although more than 250,000 contracts were submitted in one month, the situation was good below the level in the first half of 2021."

Many analysts believe that Ethereum will not be seen as another security and that its performance could exceed that of Bitcoin. US bank mogul JP Morgan Chase argued in a recent report that Ethereum may be more investor-friendly than Bitcoin. This is especially true because the digital real estate industry continues to grow and evolve.

Igneus Terrenus, head of communications at the cryptocurrency exchange Bybit, ultimately believes that the value of digital assets is determined by its sponsors and investors. In addition to Ethereum, Ethereum has now created a Bitcoin-independent ecosystem community. Especially last year.

Netta Korin, co-founder of Orbs, a public blockchain infrastructure, claims that Ethereum has long outperformed Bitcoin and has become the most widely used blockchain, and that it has performed very well over the time of the cold market as well. after the recovery. better than bitcoin