Cryptocurrencies are going through a really special phase as they already enjoy the attention of large investors. They have started 2021 strongly, with significant growth. The bull run in cryptocurrencies continues to gain traction, attracting new institutional investors, in particular when it comes to Bitcoin.
Between the rumours that Bitcoin this year could reach the price of $100,000 and others who believe that 2021 will be the altcoin season, here at Trading Education we have decided to choose the top 3 growth cryptocurrencies that are positioned for the bull run this year.
What are the 3 growth cryptocurrencies positioned for a bull run in 2021?
1. Bitcoin (BTC)
For the bigger part of January 2021, Bitcoin swivelled between $30,000 and $40,000. Eventually, the pioneer cryptocurrency achieved a little relief above $43,000.
Moreover, we saw a big spike on February 14, 2021, when BTC reached its new all-time high after being hyped up following the big announcement that Tesla acquired about $1.5 billion worth of BTC, reaching up to $49,487.
The bull run of Bitcoin is also likely to accelerate as Tesla’s interest in BTC and other heavyweights embracing it will fuel corporate demand.
When speaking about corporate demand, numerous publicly listed firms have accepted Bitcoin as a financial tool in recent months, namely MicroStrategy. The ability of Tesla to turn a portion of its cash reserves into BTC, though, is a major change as it is likely to drive more leading industry leaders in the world to enter.
There are various BTC price forecasts for 2021. Some observers assume that by the end of February the Bitcoin price could already hit $50,000. There are even some more hopeful predictions for 2021. Bitcoin may double in value and hit $100,000 by the end of the year, according to Galaxy Digital CEO Michael Novogratz.
Remarking on the latest revelation from Tesla, Novogratz stated that we’re simply going to see every US corporation all start doing the same thing. “You’re seeing the herd here, and it’s coming,” said Novogratz.
2. Ethereum (ETH)
As demand from institutional investors grows, the Ethereum price is wavering near its all-time peak. While the Decentralized Finance (DeFi) industry begins to witness significant influx, ETH prices are also growing. As it is currently listed at $1,795, which is just under its $1,871 all-time high, the premium altcoin is already fostering a bull run giving indications that it could hit $2000 sooner than expected in 2021.
Throughout recent months, ETH has been on an uphill trajectory, mainly due to the current period of excessive enthusiasm. The currency’s market cap has been raised to more than $200 billion by this pattern. Experts predict that many institutions would purchase it to broaden their BTC investments as the second-biggest cryptocurrency.
Ethereum was put at the frontline of the DeFi surge by the launch of the Beacon Chain. Head of Digital Asset Markets at Morgan Stanley, Andrew Peel, predicts the demand for DeFi to continue increasing into the rest of 2021. As with Bitcoin, ETH is on an upward trajectory amid market volatility and has stayed well above the $1000 mark thus far.
3. Cardano (ADA)
Cardano, on the other hand, has recently seen a price spike, and optimistic analyst forecasts have it going even higher. In 2021 Cardano has been one of the best performing coins with 300% growth. The price of ADA saw its market value rise by 600 percent between March and July 2020. Then, as the year came to an end, the coin increased by another 130%.
Cardano is established by Charles Hoskinson co-founder of Ethereum and it is considered the “Japanese Ethereum”, due to the fact that a large base of supporters come from Japan.
ADA could climb upwards continuing into 2021, as per the majority of forecasts. Throughout the year, ADA could recognize its strongest price value yet and may put out a new all-time high of $10 by the end of the year. But there is also a more conservative approach predicting Cardano to reach only as high as $2 in 2021.
For many factors, Cardano’s 2021 price prediction is bullish. First, of many, the Cardano Shelley update has become a game-changer for ADA seeing as it allowed for 100% decentralization for the Cardano network. Moreover, crypto analysts believe that Cardano could be up against Ethereum as possibly the strongest decentralized system in the world.
The price of the ADA token jumped by more than 10 percent against the USD when the team behind Cardano revealed a revised Shelley blueprint.
The 2020 crypto bull run was very distinct from 2017 one. Although individual investors had largely powered the earlier boom, the 2020 spike was attributed to growing institutional activity in digital currencies. This provides us with a bit of hope and optimism that the public recognition that they have pursued so long will actually be obtained by cryptocurrencies, which in turn could accelerate global adoption.
In conclusion, 3 growth cryptos that are positioned for a bull run in 2021 are Bitcoin, Ethereum and Cardano.
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- Bitcoin reached its new all-time high of $48,487 following Tesla’s $1.5 billion investment worth of BTC.
- Numerous publicly listed firms have accepted Bitcoin as a financial tool in recent months, namely MicroStrategy.
- Ethereum reached $1,871 for the first time in history and predictions pose an upswing up to $2,000 for the leading altcoin sooner than expected in 2021.
- In 2021 Cardano has been one of the best performing coins with 300% growth.
- 3 growth cryptos that are positioned for a bull run in 2021 are Bitcoin, Ethereum and Cardano.
- Cardano Shelley upgrade has become a game-changer for ADA seeing as it allowed for 100% decentralization for the Cardano network.