The strong performance of Ether doubled its market share! Analyst: Still firmly believe that Bitcoin will surpass 100,000 In terms of market performance year-to-date, Ethereum's 320% rise has far exceeded Bitcoin's 54% rise. However, Mike McGlone believes that Bitcoin will soon be able to catch up with the rise of Ethereum, and is even expected to rise to a high of $100,000. Although Mike McGlone did not elaborate on why Bitcoin will follow Ethereum this year, he has stated that after the revised retracement in May, as many excessive speculations have been eliminated, Bitcoin's fundamentals this year remain sound. The Bloomberg Galaxy Crypto Index reported earlier that Bitcoin is currently in a state of "stronger, more environmentally, and less tight" compared to its peak in April this year. Due to these factors, Bitcoin is more likely to surpass the $100,000 mark this year, rather than fall back to the 2017 high. For a long time, people in the currency circle have believed that Bitcoin can compete with the U.S. dollar and become a global reserve asset. The main reason is that Bitcoin has a supply ceiling and is obviously more robust than the U.S. dollar. So far, Bitcoin's market share is only 47.17%, which means that traders have switched to investing in other digital assets. Ethereum is the biggest beneficiary. The market share has risen from 10.06% in December last year to 20.05%. The increasing dominance of Ether is mainly due to the explosive growth of Non-Fungible Token (NFT) and the prosperity of decentralized finance (DeFi), which has greatly promoted the adoption rate of Ether. At the same time, Ethereum developers are also actively expanding the blockchain and successfully completed the "London Hard Fork" upgrade Introduce improvement proposal EIP 1559, Through the method of destroying the fee, miners can only get the newly minted Ether as a reward, avoiding users to pay excessively high fees. Mike McGlone pointed out that it can be seen from past performance that Ethereum is likely to surpass Bitcoin in terms of market value by 2022 or 2023. Despite this, he still has confidence in Bitcoin and maintains a target price of $100,000.
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