Bitcoin price will reach the $20,000 mark by mid-2018 and could double that figure by the end of the year, said Co-founder of Fundstrat Global Advisors Tom Lee.
In an interview with CNBC, the financial expert said: “There is a lot of concern about bitcoin being off its highs, I think it’s a really healthy consolidation.
“At the same time, I don’t think investors have fled the blockchain.
“The mid caps have almost tripled in the same time that bitcoin consolidated, so I think there is a very healthy rotation taking place.
“The use case of bitcoin hasn’t changed, it’s a store value. I think bitcoin still has bright prospects and it’s going to be at least $20,000 by the middle of this year and probably more than double that by the end of the year.
“Bitcoin is still growing its wallets which is justifying an increase in the network value, but in terms of the 50 largest tokens I think many of them are going to do significantly better than that.”
Mr Lee explained how both bitcoin and ethereum will remain the most stable cryptocurrencies on the market and new investors should follow their growth more than any other digital currency currently on the market.
Steven Narayoff, co-founder of ethereum, said he is confident the cryptocurrency will triple in value by the end of the year.
He said: “I think what we’ve seen with ethereum is an excellent increase in a number of projects that have been built on there.
“I can see there are billions of dollars being poured into the ecosystem right now, giving ten thousands more projects this year than there were last year.
“I think it could easily triple the price before the end of the year. It is very likely it will surpass bitcoin.”
As Ripple took another hit on Tuesday falling by 5 per cent, ethereum is back in second place after bitcoin.
According to Coindesk at 08:27 on January 10, ethereum price is $1,298.08.
This article was curated from Google News. You can read the original article here.