Criticism on the cryptocurrency market has now taken a different approach as financial regulators around the world are trying to impose tougher crackdowns by implementing new tax-rules and restrictions on cryptocurrency mining and trading. China, has taken a few steps to impose crackdown on cryptocurrency mining. In the United States, policy makers are focusing on digital assets in a new way, with SEC Chair Gary Gensler last week calling the crypto space the “Wild-West”.
With all these goin on, crypto enthusiasts would be wondering : will the cryptocurrency market rise again after the shortfall it faced in May and June of 2021 ? and if it does rise which top cryptocurrency should we be buying : is it bitcoin, ethereum, xrp coin, bitcoin cash or community favorite - elon musk cryptocurrency dogecoin.
In this article we will discuss about the future of some top cryptocurrency and their price level by the end of 2021.
Bitcoin
Bitcoin has really struggled in recent few months, dropping down by more than half from its all time high price of $65,000. But, it looks like bitcoin could see major triumph in 2021. The report claim that the bitcoin cryptocurrency is likely to reach $100,000 mark this year. Bitcoin investors have less chances of witnessing a bitcoin crash in near future.
In 2017, bitcoin prices soared all the way up to of $20,000 per coin. Soon after this rise, a significant drop in price was followed. In April 2021, bitcoin prices reached a record $65,000 mark followed by bearish movement in price. After seeing the bitcoin price history, We would be thinking when bitcoin cryptocurrency will hit $100,000 ?
Current bitcoin price is hovering around $44,500. As of now, bitcoin market cap is around 840 billion USD, this means that Bitcoin has already reached a certain size and it surely deserves serious attention.
Now let us look at the stance of few countries on bitcoin cryptocurrency. The government of India had decided to ban all cryptocurrency related activities back in 2018. Main reason for this is because criminal activities are not punished as stringent as other countries do. However, the ban was turned down by the Supreme court of India in 2020, citing that there were no clear grounds for imposing ban on cryptocurrency. Bitcoin is not completely banned in China, rather there are few restrictions for certain activities with cryptocurrencies, like cryptocurrency mining.
There is no clear sign of uniform global regulation, instead, each country has its own vision about crypto : from bitcoin cryptocurrency as legal tender in El-Salvador to a partial ban in few countries.
Ethereum
The price of ethereum fell below $1,800 in May 2021, as the cryptocurrency market collapsed by nearly 60% from its all-time-high position of $4,362. The ethereum coin managed to recover some of its losses, jumping to $2,900 within few weeks. Despite these variations, ethereum coin has managed to stay above the $3,000 since the beginning of August. Currently ethereum coin is moving around $3,000-$3,200 price range and we can see ethereum price chart still looks bullish to touch new highs in coming months.
With the ethereum 2.0 upgrade coming to the network, a upgrade that is designed to increase the scalability and security of the ethereum network. Mainly, the network will shift from proof of work consensus for to the proof of stake algorithm which will put an end to hard core ETH mining.
Many feel that after the ethereum 2.0 upgrade price of ETH tokens will hit new highs. But in reality can ethereum coin reach those expectations? Is it a right time buy ethereum coins or mine ethereum as much as possible before ethereum 2.0 goes live?
Many experts and analysts are bullish about ethereum coin, with an average expected price between $3,500-$4,200 and a long-term projection of $11,170 by 2025. Forbes in a recent article reported that a panel of cryptocurrency experts predict that ethereum coin could reach $19,842 by 2025.
XRP
The xrp coin, a digital token created by Ripple network, has seen quick surge in price in recent few weeks - outperforming few strong competitors. The price of xrp coin has surged from $0.81 to $1.3 on 15th August, attracting many new investors.
Ripple XRP is one of the world's foremost cryptos - and one of the most intriguing. Unlike Bitcoin, Ethereum, and other big names, it does not market itself with its decentralization. Instead, the crypto is closely associated with several banks, investment companies, and organizations worldwide.
Big set back for xrp coin happened in end of 2020, the xrp crypto faced an SEC lawsuit that pushed ripple future under threat. Making a xrp price prediction has become a challenge for common investors and experts.
By December 2021, xrp coin can easily grab many new investors. Thereby the price might hover around $2-$5 range if the cryptocurrency market continues to be bullish.
But, ripple xrp could win the court-case against the SEC which could send the xrp crypto soaring toward new highs and some believe it could be above $16. After the recent cryptocurrency crash, many tokens had hit their low bottoms. But they have managed to hang in including xrp crypto, so xrp coin could grow fast and powerfully in coming years,
Dogecoin
Dogecoin had been searching for quick turn in recent weeks, with a lack of fundamental stability to drive its price. The dogecoin price prediction is heavily influenced by sentiment on social media, and comments from Tesla CEO, Elon Musk, who has spoken in favor of its development and adoption.
The dogecoin price prediction from Digital-coin puts the price at an average level about $0.36 in 2021 and $0.55-$0.7 in 2022. Over the longer run, the site predicts the price will be in range of $0.9-$1 in 2025 with some sideways action in between.
The Bottom line
Some finance analysts predict a big move in crypto is forthcoming as many institutional money starts to flow into the market. Moreover, there is the possibility that cryptocurrency will be floated on Nasdaq, which would further increase credibility to blockchain network and its use as an alternative to traditional fiat currencies.
Cryptos like bitcoin have proven themselves how useful they are, and they’re here to stay. But how we will generate the energy to mine the crypto to meet the demand of growing cryptocurrency market is worth discussing.
