Today, the value of Bitcoin has experienced a dip, and with it, the entire crypto market. While this is quite normal in crypto, one crypto commentator believes that Bitcoin could trade sideways for some time. Steven Ehrlich, who is also the head of research at Forbes, stated that the current correction is due to institutional investors selling. He states that most of them got just before the rally and have been booking profits from the rally that saw Bitcoin test $60k.
Our Director of Research @Steven_Ehrlich joined @JillMalandrino on @Nasdaq #TradeTalks to discuss if short-term signs of exhaustion are starting to appear with #bitcoin and how investors should approach the #NFT craze: https://t.co/Z6UuEp2yPc
— Forbes Crypto (@ForbesCrypto) March 25, 2021
However, while Steven projects that Bitcoin could correct in the short-term, he projects that Ethereum, the second-largest cryptocurrency, will keep growing. He states that Ethereum’s momentum will be driven by the rise of DeFi and NFTs on the Ethereum platform. This will be a source of organic growth for Ethereum in the medium term.
His projections for Ether are quite valid if recent data are anything to go by. ETH has been outperforming BTC since last year, and it has continued to do so till now. According to Ehrlich, the queen of crypto assets has experienced a growth of over 100% within this period.
Besides such projections and significant investments from big money movers, Ethereum is actively working on solving its scalability issues that have led to a skyrocketing of gas prices. If it solves these problems, the number of use cases of the ETH project could skyrocket. This could easily make it one of the most valuable cryptocurrencies in the market. It is an exciting cryptocurrency to watch.