Bitcoin is projected to reach between $140,000 and $150,000 by the end of the year, driven by ETF inflows and institutional demand, according to Steven McClurg, CEO of Canary Capital.
Institutional demand is rising, with sovereign wealth funds and pensions investing heavily in Bitcoin.
Bitcoin recently hit an all-time high of $124,128, showcasing its growing popularity.
Ethereum’s recent surge may not sustain, as newer blockchains are gaining traction.
Bitcoin’s rise is fueled by institutional demand and ETF inflows. Discover what this means for the future of cryptocurrency.
What is driving Bitcoin’s rise?
Bitcoin’s rise is primarily attributed to significant ETF inflows and increasing institutional demand. Steven McClurg, CEO of Canary Capital, predicts that Bitcoin could reach $150,000 by year-end, although he expresses skepticism about Ethereum’s future.
Why is institutional demand important for Bitcoin?
Institutional demand plays a crucial role in Bitcoin’s price dynamics. As more institutional investors, including sovereign wealth funds and corporate treasuries, enter the market, the demand for Bitcoin increases, leading to higher prices. McClurg noted that these inflows are pivotal in creating a bullish market sentiment.
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As of now, Bitcoin has reached an all-time high of $124,128, reflecting its growing acceptance and demand in the market.
While Ethereum has seen significant gains, experts suggest that its older technology may hinder its future growth compared to newer blockchains.
In summary, Bitcoin’s rise is significantly influenced by institutional demand and ETF inflows, with predictions suggesting a potential peak of $150,000. Meanwhile, Ethereum faces challenges from emerging technologies. The cryptocurrency landscape remains volatile, making it essential for investors to stay informed.
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Source: https://en.coinotag.com/bitcoin-may-approach-150000-amid-etf-inflows-while-ethereum-faces-uncertain-future-says-canary-capital-ceo/