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Optimism Around Cryptocurrencies Grow, Pushing Prices to New Highs

Bitcoin’s recent rally has brought back optimism to the digital currencies market.

The Fidelity Director of Global/Macro, Jurrien Timmer indicated that the ongoing rally in Bitcoin could continue towards new record heights over the next two years, Markets Insider reported. Based on his proprietary supply-and-demand model, Timmer sees Bitcoin reaching $100,000 by 2023 as momentum traders begin to buy into the recent rally.

“This rally has come with little fanfare and doesn’t seem driven by momentum chasers. The percentage of coins held by short-term ‘tourists’ is down to just 15%. This tells me there could be room to run if momentum chasers pile in,” Timmer said.

This year has been crucial for the future of the cryptocurrency and blockchain markets. Overall, the approach of financial institutions, businesses, and even certain governments has significantly changed in recent years, as commercial payments are slowly warming up to the prospects of Bitcoin.

Photo by fabio on Unsplash

One of the major reasons for this is that a Bitcoin payment is faster, cheaper, safer, and less volatile than the local currencies in many countries. In addition, some of the problems that the crypto market was recently facing are already being resolved. For example, based on estimates from earlier this year, the Bitcoin network uses as much energy in one year as the country of Argentina.

Yet, some companies in the crypto and blockchain market have taken steps to improve the situation. Manhattan Solar Partners, LLC, a joint venture between BIT5IVE, LLC and GMine LLC, recently announced plans to build crypto data centers utilizing more than a gigawatt of renewable energy in Texas.

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November 9, 2021
By Corey Noles

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