The Price Could Skyrocket  Here’s When Ethereum Could Flip Bitcoin

The bitcoin price’s mammoth 2021 bull run catapulted its market capitalization to over $1.2 trillion last year. It’s since crashed back to a mere $400 billion. Meanwhile, ethereum’s own huge price rally saw it climb to over $500 billion before dropping to just over $200 billion. Now, some traders and investors are predicting the ethereum price will surge following its long-awaited, radical upgrade—potentially making ethereum more valuable than bitcoin for the first time, an event known as “the flippening.”

“Investor interest in ethereum has remained resilient as it nears the merge, its once-in-a-lifetime event that will see the whole network migrate onto proof-of-stake,” Gabriel Selby, lead research analyst at cryptocurrency index provider CF Benchmarks, said via Twitter. “Some have suggested it could be the catalyst for ethereum to overtake bitcoin as the world’s largest coin by market capitalization.”

This week, ethereum is expected to complete its transition from the energy-intensive proof-of-work consensus mechanism used by bitcoin to the more power-efficient proof-of-stake, removing ethereum’s reliance on miners and handing control to those that “stake” their ether on the network. The switch is expected to reduce ethereum’s carbon emissions by 99%, according to the Ethereum Foundation.

Bitcoin’s dominance, a measure of its value compared to other cryptocurrencies, has in recent weeks dipped under 40%, down from a peak of almost 50% earlier this year, according to data from CoinMarketCap. Ethereum has seen its share of the market climb to over 20%, up from lows of under 15%. “Since the start of the year, the market cap ratio between bitcoin and ethereum has converged to its narrowest differential since May 2021.

If the current trend persists, ethereum could reach the top of the league tables by the end of 2023, or sooner,” Selby said. While bitcoin has developed a reputation as digital gold due to its immutability and resistance to both change and censorship, ethereum is designed to be used as the foundation of a decentralized, blockchain-based internet—an idea that’s become known as web3.

“With the proliferation of financial products that have enabled a much broader range of investors to express their price view in the crypto markets—such as the recently launched ethereum options contract by CME—the mechanisms are very much in place for ethereum’s market cap to overtake bitcoin, should there be buy-in from a sufficient number of investors,” Selby added.

Earlier this year, ethereum cofounder and the project’s spiritual leader Vitalik Buterin revealed his plans for ethereum following the “merge” upgrade—with the “surge” next in a series of improvements designed to make the network more secure and decentralized, followed by the verge, purge and splurge upgrades.

“We believe that ethereum has great utility and once the purge phase of pruning the code starts in 2023 it will be a very good blockchain with even greater adoption,” Martin Hiesboeck, head of blockchain and crypto research at crypto trading platform Uphold, said via email, adding: “The [ethereum] price could well skyrocket.”

Over the last year, ethereum has seen a demand boom due to the soaring popularity of non-fungible tokens (NFTs), digital art and media that’s tokenized on the ethereum blockchain. “Ethereum has already surpassed bitcoin in terms of the number of transactions executed,” Daniel Kostecki, a senior financial analyst at the investment company Conotoxia. “However, it is still far behind bitcoin in the volume of transactions on the blockchain or trading on exchanges.”

Kostecki warned it will be “hard to overtake a coin that was first in the world and whose issuance is limited.” Though others are more confident the flippening will eventually happen. “The merge will help global sentiment towards crypto and [the blockchain-based third iteration of the internet] web3 because the second biggest blockchain is becoming greener,” Max Kordek, chief executive of decentralized applications platform Lisk, said in emailed comments. “This is also a necessary step for ethereum to flip bitcoin, which I foresee happening in the next major bull run.”

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on..

Source: ‘The Price Could Skyrocket’—Here’s When Ethereum Could Flip Bitcoin

Critics by Stephen Dalton

When the Ethereum (ETH) merge occurs in September, it will mark the end of its PoW system and begin its status as a PoS coin. The Merge will supposedly decrease ETH’s total supply. A decreased supply should help lift the price of ETH. This could assist its rise to #1. However, BTC will always be seen as “digital gold” within the digital universe, while Ethereum is known as “digital oil.”

A rapid increase in the ETH price, a decrease in BTC’s price, or a combination of these two could lead to the Flippening. The ETH merge will not reduce gas fees for transactions (at least not immediately), a primary sticking point that could prevent ETH from growing. By contrast, Solana (SOL) and Cardano (ADA) have cheaper fees due primarily to their PoS consensus mechanism. Could one of them overtake ETH?

Many believe the fees on the Ethereum platform will decline gradually. Instead, the ETH blockchain plans to scale its users’ activity and secure its Mainnet through a decentralized layer. This method could allow for cheaper transactions within the network (eventually). For those unaware, market cap for cryptocurrencies works the same way as that of the stock market.

Replace the word “share” with “coin or token” so that “total shares outstanding multiplied by price per share” becomes total altcoins/tokens outstanding multiplied by the price per altcoin/token equals the assets’ market cap. Market cap is one of the vital indicators of an altcoin’s value. Many newcomers (including me) to the cryptocurrency market considered only an altcoin’s price to determine its value without considering how many are circulating and how many will be produced.

However, scarcity is only one part of the Law of Supply and Demand. Between ETH and BTC, the value or market cap gap is more than $200 billion. BTC’s market cap on 19 AUG is $408,567,909,013, while ETH’s is $206,487,299,810. That’s more than double. However, many are looking at it like the “glass is half-full,” or ETH is almost halfway to the Flippening.

ETH is almost triple its next closest competitor a “stablecoin,” Tether (USDT) valued at $67,554,732,043. In fact, BTC owns more than 55% of the total value within the cryptocurrency industry. These valuations were genuine at the time of my research, though market valuations in the highly volatile cryptocurrency market change rapidly. Conversely, ETH owns just a little more than 12% of the value. This gap may be a hard one to close for ETH.

Plus, other factors may make it challenging for ETH to top BTC in the near future. Let’s explore those so you can form an opinion about the “flippening.” Some “whales” believe ETH has the presence in the crypto universe but not the asset liquidity of BTC, though some Ether watchers and owners would say “…we’re halfway there.” Most crypto enthusiasts understand that the BTC halving creates a bull run.

Well, imagine that times three. The Merge will cut emissions by 90 percent, daily block compensation will diminish from 12800 to 1280 ETH, and inflation will drop from 4.3% to 0.43%, which could be seen as a 3X halving. Many investors do not understand the difference between circulating supply, total supply, and maximum supply. It can be complicated. Of course, circulating supply refers to the number of coins in circulation.

However, total supply doesn’t necessarily refer to the total supply that will ever be produced; that is maximum supply. As opposed to government-produced and regulated fiat currencies, the maximum supply of BTC is set at 21,000,000, which it is predicted to reach by 2040. Yet the price can move quickly due to its small number compared to ETH, which has an announced total/circulating supply of 122,027,066 coins. The maximum supply is not currently known.

Although the number of coins in circulation and price will drive market cap, inflation can stifle growth. Although the Merge will help fight inflation and quell circulating supply, ETH has nearly 100 million coins in circulation than BTC ever will. Regardless of the number of coins in circulation, the demand for either will drive the price. BTC has always led the way, but it has no real project outside of its decentralized nature, limited anonymity, and stored value.

ETH, on the other hand, possesses those qualities; plus, it was created and improved to facilitate many online transactions, such as execute Smart contracts, power Decentralized Applications (DApps) and Decentralized Autonomous Organizations (DAO) that support artists and entrepreneurs to create Non-Fungible Tokens (NFT), and Play-to-Earn (P2E) games.

Those functions often lead to ETH being referred to as “digital oil” because it “greases the skids” for so many operations across the crypto universe. While ETH is set to complete the Merge to PoS in September, many believe it will flip BTC and become number one. However, we must wait and see how the ETH blockchain will function once the Merge is complete.

Suppose, as predicted, the gas fees remain high. What is the advantage beyond the apparent but not visible benefit to the environment? If developers and creators must pay the same high fees, what will stop them from using another platform that performs the same function for less?

Related News:

Ravencoin (Rvn) Records 90% Increase, Community Warns About Price Speculation News BTC

3 Big Things the Merge Will Change About Ethereum Nasdaq

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Crypto Now Braced For A $2 Billion Goldman Sachs Bombshell As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Bitcoin BTC 0.0%, ethereum and other major cryptocurrencies have bounced back from a huge market meltdown this month (that some think could reveal the future tech giants). The bitcoin price has rebounded 20% since crashing to a low of under $18,000 per bitcoin last week—despite a dire China warning—with ethereum and other top ten cryptocurrencies BNB BNB +0.3%, XRP XRP -0.9%, solana, cardano and dogecoin also making gains.

Now, reports have emerged Wall Street giant Goldman Sachs is looking to raise $2 billion to snap up the assets of embattled crypto lender Celsius which has been hard hit by the latest bitcoin and crypto crash. Goldman Sachs is soliciting crypto funds and traditional financial institutions as part of the deal that could see it buy Celsius’ crypto assets at a discount, it was first reported by Coindesk, with Blockworks adding the deal could happen even if the lender does not declare bankruptcy, citing anonymous sources.

Goldman didn’t want to buy into the top of the market,” one source told Blockworks. “This is more their style.” Celsius, which had $12 billion in assets under management as of May of this year, has been teetering on the brink of bankruptcy after suspending user withdrawals from the platform earlier this month, citing “extreme market conditions” and exacerbating a crypto price crash that sent bitcoin spiraling under $20,000.

Celsius has hired restructuring advisors Alvarez & Marsal, it was earlier reported by the Wall Street Journal, adding to previous reports Citigroup C +3.3% has been tapped to advise on possible solutions. Goldman Sachs’ reported bid for Celsius’ crypto assets is likely to return some degree of confidence to the market after traders were left rattled by the pace of the bitcoin, ethereum and cryptocurrency sell-off.

“Even so, it may not be the best time to buy, as it may take considerable time before the crypto market digests the recent turmoil and enters a new phase of sustained demand from broad segments of investors, not just stressed asset hunters,” Alex Kuptsikevich, FxPro senior market analyst, said via email. The Celsius meltdown, coming hot on the heels of the collapse of the terraUSD stablecoin its support coin luna, has sparked fresh calls for better crypto market and crypto company regulation.

“I suspect after the recent events with Celsius that the U.S. will provide more clarity soon, on regulation towards custodial providers and lenders, to bring more stability to the crypto space,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an emailed note.

I am a journalist with significant experience covering technology, finance, economics, and business around the world.

Source: Crypto Now Braced For A $2 Billion Goldman Sachs Bombshell As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Critics:

Nearly three weeks after Celsius Network suspended fund withdrawals and other operations from its platform, questions about its future are mounting.  The maneuvers behind the scenes are also increasing. The crypto firm has hired Alavarez & Marsal, a restructuring advisory firm. Celsius has tapped restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld.

But the most interesting news is that Goldman Sachs  (GS) – Get Goldman Sachs Group Inc. (The) Report is trying to raise $2 billion from investors to buy distressed Celsius assets, according to Fortune and Coindesk.  Clearly the goal is to allow investors to buy Celsius’s assets at a low price in the event of the firm’s bankruptcy.

According to Fortune, which cites anonymous sources familiar with the matter, Goldman Sachs has solicited crypto firms and web 3 firms, the new iteration of the internet, as well as traditional financial institutions and companies specializing in restructuring. Goldman Sachs did not immediately respond to a request for comment.

On June 12, Celsius announced that it would suspend indefinitely various transactions, including withdrawals of funds “due to extreme market conditions.” Today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts,” the company said at the time. “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”

Celsius is a cryptocurrency lending platform. The company allows anyone to borrow cryptocurrency and earn interest for lenders. “Earn high. Borrow low. Change the world,” the firm says on its website. One of its catch phrases is “Borrow like a Billionaire.” Celsius, through its CEL token, promises “financial rewards” as much as 30% extra returns weekly. But some options are not available to U.S. based users.

When it raised $400 million last October from investors led by WestCap and Canadian Caisse de dépôt du Québec (CDPQ), Celsius Network saw its valuation soar to $3 billion. The company wants to be an intermediary between traditional finance and the sphere of cryptocurrencies.

Related contents:

Crypto Crash: Goldman Sachs Is on the Lookout TheStreet14:38

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Clear Group confirms Goldman Sachs investment The Insurance Insider

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Source: The Forex Joustar – The Forex Joustar

More contents:

How Do Experts Know The Causes Behind The Stock Market’s Ups and Downs


Listener Katy Davis asks:

When reporters say, “The markets are down today based on XX,” sometimes it is something really obvious like a recent jobs report or a surprising boost to the economy. But sometimes it is something that seems so vague, like “based on fears about the situation in Greece.” Anyway, how do they know that? Are they calling traders and asking? Guessing? How can an entire day of trading be summed up like that? 

Sometimes the experts actually don’t know for sure. When asked how confident he is about his assessments, Commonwealth Financial Network’s chief investment officer, Brad McMillan, said:

“Not very. At the end of the day, this is an almost infinitely complex system.”

Some days, the drivers are more obvious than others, with news items like, yes, a recent jobs report. The Russia-Ukraine war. Or inflation numbers, like we saw Friday. The prices of consumer goods jumped 8.6% year over year in May, the highest rate since 1981. That showed inflation hasn’t slowed down, and it sent the Dow Jones Industrial Average plunging almost 900 points. 

McMillan, who writes a Commonwealth blog, said you can draw a direct link between market movements and anything that “materially either changes or directly confirms expectations.” But it can get complicated. McMillan said he’ll look at various investment commentators’ second and third reactions to news that happened earlier in the week.

“For example, if the [Federal Reserve] raises rates, the initial reaction might well be, ‘Oh, my goodness, rates are higher. That’s bad for stocks,” he said.  But in the following days, the reaction might become: “If they raise rates, in the short term, that might increase the probability they’re gonna have to cut rates in the longer term. So on balance, that can be positive,” McMillan said.

There are multiple events happening at a given time, and McMillan has to parse which factors may be the most important. So right now, he’s paying attention to interest rates.  That’s because they strongly influence stock valuations. In recent blog post, McMillan explained:

“Lower rates mean higher valuations for stocks, which explains the market rally we saw during and after the pandemic, as rates were cut to zero and stocks soared. With rates rising again as the Fed tightens policy, we are seeing valuations adjust down, bringing down the market.”

There are also non-obvious factors that influence stocks, like the U.S. entering an election cycle. During years when there are midterms, McMillan said, the market performs worse. And because it’s something we expect, it can actually become a “self-fulfilling prophecy, to some extent,” he explained.

Sometimes there are factors that led to market upswings or declines that analysts hadn’t accounted for at the time. For example, analysts tend to underestimate corporate earnings growth, McMillan said.  Back in 2015, global markets suffered amid fears of a possible Greek default on the nation’s debt. Vague, as listener Katy Davis pointed out. Investors and financial experts explained to news outlets at the time that investors don’t like political risk.

John Blank, the chief equity strategist at Zacks Investment Research, delved into that problem. “Fears — of loss of capital — inside a country can be quantitatively expressed by other asset classes: by wider bond credit risk spreads, capital outflows that depreciate the domestic currency, higher lending rates, depressed activity. One would expect at least some of these to accompany a down stock market, in that case.”

Blank, who writes commentary for the firm, said analysts and experts can look at FinViz.com, a site that displays major stock indexes, stocks by market capitalization and “top gainers” or “top losers.”  Analysts can then tell how a specific sector, like health care, for instance, performed after an announcement from the government or another influential event, he explained.

Blank said sometimes it’s difficult to figure out what’s going on in the markets when there’s no obvious news that day, and an analyst might flag important upcoming news to help investors prepare.

By: Janet Nguyen

Source: How do experts know the causes behind the stock market’s ups and downs? – Marketplace

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‘Market Is Not Quite Ready’—Bitcoin Billionaire Issues A Serious Crypto Warning As The Price Of Ethereum, BNB, Solana, Cardano, XRP And Luna Suddenly Crash

Bitcoin and cryptocurrency prices have bounced back this week, riding a wave of positive news even as researchers warn of crypto thefts.

The bitcoin price came within touching distance of $50,000 per bitcoin but has today dropped back, losing more than $2,000 per bitcoin in a matter of hours. Ethereum has also erased its latest gains, despite traders eagerly eyeing a long-awaited upgrade.

Now, after El Salvador last week postponed its controversial $1 billion bitcoin-backed bond, outspoken bitcoin billionaire Michael Saylor has warned the market perhaps isn’t “quite ready” for bitcoin bonds.

“I’d love to see a day where people eventually sell bitcoin-backed bonds like mortgage-backed securities,” Saylor, the chief executive of business intelligence software company MicroStrategy, which has pivoted to become a bitcoin acquisition vehicle over the last two years, told Bloomberg in an interview. “The market is not quite ready for that right now. The next best idea was a term loan from a major bank.”

Last week, El Salvador, which became the world’s first country to adopt bitcoin as legal tender last year, revealed it had postponed its planned $1 billion bitcoin bond offering with the country’s finance minister Alejandro Zelaya blaming unfavorable market conditions—but El Salvador’s president Nayib Bukele blaming the delay on necessary pension reforms.

“I think this is not the time,” Zelaya said in comments reported by Reuters, with Russia’s invasion of Ukraine unsettling markets in recent weeks. “In May and June sometimes you can, but the market variables get different. After September, it is difficult to raise, unless you are previously funded, as in the case of bitcoin bond.”

The hotly-anticipated bitcoin bond, designed to fund the creation of an ultra-low tax bitcoin city in El Salvador, will have a “substantial oversubscription” that could reach $1.5 billion, according to Zelaya. Half of the funds raised will be used by the country to buy more bitcoin and the rest earmarked to develop bitcoin mining infrastructure powered by a volcano.

Earlier this week, MicroStrategy announced it’s bitcoin-focused subsidiary MacroStrategy had taken on a $205 million loan to buy more bitcoin, adding to its 125,000 bitcoin hoard. MicroStrategy stock price, up some three-fold since it first began buying bitcoin, has slide 6% this week.

The loan will give MicroStrategy “an opportunity to further our position” as the largest publicly-traded bitcoin investor, Saylor said in a statement.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: ‘Market Is Not Quite Ready’—Bitcoin Billionaire Issues A Serious Crypto Warning As The Price Of Ethereum, BNB, Solana, Cardano, XRP And Luna Suddenly Crash

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Critics:

MicroStrategy CEO and Bitcoin permabull, Michael Saylor believes that traditional financial markets aren’t quite ready for Bitcoin-backed bonds. Saylor told Bloomberg on Tuesday, that he’d love to see the day come where Bitcoin-backed bonds are sold like mortgage-backed securities, but warned that, “the market is not quite ready for that right now. The next best idea was a term loan from a major bank.”

The remarks come two days after MicroStrategy’s (MSTR) Bitcoin-specific subsidiary MacroStrategy, announced that it had taken out a $205 million Bitcoin-collateralized loan to purchase even more Bitcoin. This loan was unique, as it marked MicroStrategy’s first time borrowing against its own Bitcoin reserves — which are currently valued at approximately $6 billion — to buy more of the cryptocurrency.

Saylor’s comments also follow El Salvador’s recent decision to postpone the issuance of its $1 billion dollar Bitcoin-backed “Volcano Bond” on March 23rd. According to El Salvador’s Finance Minister Alejandro Zelaya, the decision to delay the bond was due to general financial uncertainty in the global market driven by conflict in Ukraine.

In a potential warning to El Salvador, Saylor said that the country’s Volcano Bond was somewhat more risky than his company’s Bitcoin-collateralized loan,Saylor added that he remains extremely bullish on the long-term potential for Bitcoin-based bonds, going as far to say that it would be a good idea for cities like New York to use Bitcoin as a debt instrument.

Related: MicroStrategy CEO won’t sell $5B BTC stash despite crypto winterSince its initial $250-million Bitcoin investment in August 2020, MicroStrategy has now amassed a substantial 125,051 BTC — which at the current price of $44,547 equates to $5.5 billion. MicroStrategy has made a series of separate BTC purchases using the company’s cash on hand as well as the proceeds of sales of convertible senior notes in private offerings to institutional buyers.

Saylor’s actions have gradually transformed MicroStrategy into a partly leveraged Bitcoin holdings company, with MSTR shares closely correlated with the price of Bitcoin.

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