Bitcoin could be worth US$100,000 if it manages to replicate Ethereum’s performance for 2021 so far, according to a Bloomberg analyst.
In a tweet on Monday, Bloomberg Intelligence senior commodity strategist Mike McGlone said if Bitcoin were to catch up with Ethereum’s performance in the year-to-date, the price “would approach US$100,000”.
Ethereum in 2021 Is Bitcoin Guidance for $100,000: Flippening? If #Bitcoin were to catch up to #Ethereum's performance this year, the No. 1 crypto's price would approach $100,000. Though we see Bitcoin on that path, there appears little can stop the process of Ethereum flippening pic.twitter.com/7JKFe60JyZ
— Mike McGlone (@mikemcglone11) August 9, 2021
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The assessment follows a strong surge in the price of Ethereum over the weekend after a major upgrade to its blockchain network began a process of removing amounts of the crypto from circulation, a process known as ‘burning’, each time a transaction is validated on the network.
As of lunchtime trading in London on Tuesday, Ethereum is currently at around a three-month high of US$3,119, up 0.7% in the last 24 hours.
However, the rise of Ethereum also has some predicting it could potentially overtake Bitcoin as the world’s most valuable crypto, with Bitcoin’s share of the overall market having fallen to around 47% from 73% at the end of last year.
Ethereum, meanwhile, has seen its share double to 20% from 10% in the same time frame, mainly due to the booming popularity of non-fungible tokens (NFTs) and the creation of new decentralised finance (DeFi) apps that use its blockchain as a foundation.