Crypto Winter ‘Finally Over’—Banking Crisis a Catalyst for Huge $2 Trillion Bitcoin Prediction as Ethereum Price Suddenly Surges Back
Bitcoin, ethereum and other cryptocurrencies have been given new life by the banking crisis that has suddenly swept the US and Europe this year – despite a dire warning that “crypto is dead in America.”
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Bitcoin price has rebounded to $30,000 per bitcoin after swinging wildly this month. The Ethereum price has also bounced after a sudden explosion in institutional activity.
Now, after First Republic sparked fears it could follow Silicon Valley Bank and Signature Bank into collapse, the case for bitcoin as a “decentralized, trustless and scarce digital asset” has been solidified, according to a top Standard Chartered analyst – along with a bitcoin price prediction that could see it reach a market cap of $2 trillion.
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“We see the potential for bitcoin to reach the $100,000 level by the end of 2024 as we believe the much talked about ‘crypto winter’ is finally over,” Standard Chartered’s head of digital asset research Geoff Kendrick wrote in a note.
“The current stress in the traditional banking sector is highly favorable for bitcoin outperformance – validating the original premise of bitcoin as a decentralized, trustless and scarce digital resource.”
“Given these advantages, we believe that BTC’s share of the total market value of digital assets could move into the 50-60% range in the coming months (from around 45% currently).”
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