Markets and Prices

Finder’s Experts Predict Dogecoin Price Should Hit $1.21 by 2025 and $3.60 by 2030

04/08/2021 by Idelto Editor

A panel of experts has shared their price prediction for dogecoin for the end of the year as well as in 2025 and 2030. Individually, the experts are divided on the future price of the meme cryptocurrency. Some noted that the price of dogecoin is heavily dependent on Tesla CEO Elon Musk promoting it.

Experts Share Price Predictions for Dogecoin

Finder, a major product comparison website, published the result of its July 2021 survey on the price prediction of dogecoin last week. To determine if the meme cryptocurrency is “about to jump in price, or has this joke finally reached its use-by date … we asked our 42-expert panel what’s in store for the coin,” the company detailed.

The experts were asked about their price forecasts for dogecoin for 2025 and 2030. The company explained that according to the panel:

Doge should see its value hit an average value of US$1.21 by 2025 and US$3.60 by 2030, according to the panel average.

However, Finder pointed out that the high value was due to “one outlier pulling the average price way up.” The predictions for December 2030 range from $0 to $50, with the average being $3.60.

The predictions for December 2025 range from $0 to $10 with the average being $1.21. The highest prediction came from Brighton Business School’s senior lecturer, Paul Levy, who valued DOGE at $10. By comparison, “The median prediction for Doge by December 2025 is US$0.15,” the company noted, adding that ”30% of the panel sees Doge’s worth at US$1 or more in 2025.”

Some experts are pessimistic about the future price of dogecoin. Technologist and futurist for Thomson Reuters, Joseph Raczynski, said: “Dogecoin will eventually go to $0. There are at least 100 to 200 other crypto projects that should be worth more than DOGE.” He opined: “It’s amazing to witness what [one] celebrity can do.”

Dogecoin has gained much popularity over the past months, largely due to celebrity endorsement, such as Tesla CEO Elon Musk, who is also known as the “Dogefather.” Musk recently revealed that he personally owns dogecoin. Many new investors jumped into dogecoin as the price ballooned more than 10x during April and May from about $0.06 to over $0.72. The price at the time of writing is near $0.20.

As for dogecoin’s 2021 price prediction, Finder described:

While the one-time hot coin may have seen some high highs in 2021, the future doesn’t look as bright, with Doge’s value expected to end the year almost half its ATH at US$0.42.

The dogecoin price predictions for the end of the year range from $0 to $1, with the average being $0.42.

Finder found that roughly 15% of its expert panel, or 3 out of 20 panelists, who provided price predictions for dogecoin “expect the coin to crest at the elusive US$1 mark.”

University of Saskatchewan’s Ph.D. candidate, Ajay Shrestha, is a panel member who believes the price of the meme coin could reach $1 but “only if dogecoin receives continuous support from the Elon Musk … Otherwise, it wouldn’t get such hype.” Cake Defi CEO Julian Hosp also believes that dogecoin will be worth $1. Nonetheless, he said:

It will be a pump and dump.

Some experts on the panel were not as optimistic. Senior lecturer at the University of Canberra John Hawkins predicted that the price of dogecoin will only be $0.15 by the end of 2021. He explained:

Dogecoin seems largely dependent on Elon Musk’s erratic tweets. It is barely used as a payment instrument and has proved a very poor store of value.

Furthermore, the panel detailed: “It’s safe to say that the panel is out on Doge. 80% of the panel calls dogecoin a bubble, whereas 10% says that Doge isn’t a bubble, with the remaining 10% unsure.”

The panel includes representatives from Galia Digital, Allnodes, Wave Financial, Morpher, Cryptocompare, Coinsmart, Banz Capital, Arcane Crypto, Rouge International and Rouge Ventures, Celsius Network, Coingecko, Coinflip, Token Metrics, Thomson Reuters, Finder, Morgan Creek Digital, Zebpay, Amber, Decred, UCL, the University of New South Wales, City University of Hong Kong, and the University of Western Australia.

What do you think the price of dogecoin will be at the end of the year and in 2025? Let us know in the comments section below.

Analysts Discuss Bitcoin Over-the-Counter Desks Bubbling With BTC Demand

01/08/2021 by Idelto Editor

Digital currency markets have been gathering gains again moving past the lows seen a few weeks ago. This week crypto traders have been discussing over-the-counter (OTC) desks bubbling with demand for bitcoin as the co-founder of 21st Paradigm explained, “high net worth individuals [and] institutions want your bitcoin.”

Analyst Says Big Market Players ‘Want Your Bitcoin’

Most traders either use decentralized exchange (dex) platforms or centralized exchange (cex) operations to acquire bitcoin (BTC) and a myriad of other digital currencies. However, high-net-worth individuals and institutions usually don’t leverage dex or cex applications, as they choose to trade via over-the-counter (OTC) trading desks. OTC trading or off-exchange trading is trading between two parties directly and usually with help from the OTC desk’s representative. In contrast to trades that take place on cex or dex platforms, these trades are not recorded on order books. Although, transfers from crypto OTC desks can be recorded.

Two days ago, the co-founder of the advisory firm 21st Paradigm, Dylan LeClair, tweeted about some large OTC transfers last week by sharing a chart from Glassnode analytics. “Big transfer volumes from OTC Desks over the last week,” LeClair said at the time. “High net worth individuals [and] institutions want your bitcoin,” he added. Another individual agreed with LeClair and said “Yessssirr,” because the individual, Will Clemente, shared a tweet on July 22 that had shown a similar trend.

“OTC Outflow RSI showing the strongest BTC buy signal since July of last year,” the analyst Will Clemente said to his 158,000 Twitter followers. “This indicates buying from institutions/high-net-worth individuals,” he added. A number of other traders discussing the subject on Twitter agreed with the OTC demand assessment and the social media platform is littered with threads discussing the subject. One individual tweeted:

Don’t give the smart money your BTC (or ETH)…

Noticeable Market Changes During China’s Morning Trading Sessions

A number of other ‘whale-like’ and large purchasing patterns were noticed by bitcoiners observing different metrics. While bitcoin has been rising, traders also suspect that China might be buying bitcoin. There have been a few noticeable market changes during the early morning hours in China, according to Trustnode’s research.

Meanwhile, during the last 24 hours bitcoin (BTC) has consolidated just above the $41K handle and has only moved +0.10% on Sunday, August 1. However, BTC is still up 17% against the U.S. dollar during the last week and 30-day stats show BTC has gained over 22%. Bitcoin had managed to jump above the $42K handle at $42,615 per unit, but has not been able to hold above the $42K zone for long periods of time.

What do you think about the bitcoin OTC demand assessment from traders and analysts on social media? Let us know what you think about this subject in the comments section below.

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours

31/07/2021 by Idelto Editor

Crypto assets have climbed in value during the last 24 hours as the price of bitcoin tapped a high on Friday, reaching $42,411 per unit at 8:00 p.m. (EDT). The entire market capitalization of all 10,000+ crypto assets is $1.64 trillion on Saturday, up over 6% during the last day.

Bitcoin Climbs Over 20% This Week

The price of bitcoin (BTC) and a number of other digital assets have climbed higher in value during the last few days. Five days ago, a massive short squeeze propelled the price of bitcoin higher as it jumped just below the $40K handle from a low of $34,500 per unit.

Similarly, there was also a large derivatives expiry on Friday ending the month of July and at around 8:00 p.m. (EDT) a swathe of short positions were liquidated. During the course of the last day, $284.7 million worth of positions were liquidated according to bybt.com’s Liquidation Data.

After 8:00 p.m., the price of bitcoin (BTC) quickly spiked to $42,411 per unit and has remained above the $41K handle since then. BTC is up over 7% today and over 20% during the last seven days. Out of the entire $1.64 trillion, bitcoin’s (BTC) market cap captures 47.66% of the aggregate with $781 billion.

BTC has around $33 billion in global trade volume on Saturday with tether (USDT) commanding 59% of all trades. This is followed by USD (12.29%), BUSD (5.85%), JPY (4.34%), and EUR (3.41%). At the time of writing, BTC is exchanging hands for $41,522 per unit.

Ethereum Spikes 12% This Week, Easyfi Jumps Over 2,800%, Tether Captures 47% of Global Trade Volume

The second-largest crypto asset, in terms of market cap, is ethereum (ETH) up over 5% during the last day. ETH has gained 12% during the last seven days and at press time ETH is swapping for $2,455 per unit.

The biggest gainers during the last seven days include the coins easyfi (EASY) up a whopping 2,854%, flexacoin (FXC) up 706%, and omix (OMX) up 500% this week. The biggest weekly losers include beetle coin (BEET) down 83%, chip (CHIP) down 54%, iov blockchain (IOV) down 51%.

The biggest 24-hour gainer among the top ten largest crypto assets, in terms of market valuation, is polkadot (DOT) which is up 12% today and 20% during the last week. Out of the $1.64 trillion worth of crypto assets, the reported trade volume on Saturday is $84 billion. Tether (USDT) reportedly commands $57 billion or 47.36% of today’s global trade volume among all the crypto assets recorded.

What do you think about the recent crypto run-up and improved prices? Let us know what you think about this subject in the comments below.

Market Strategist Says Bitcoin’s Best Days Are Ahead, Won’t See Restrictive Fed Policy Anytime Soon

27/07/2021 by Idelto Editor

Market Strategist Says Bitcoin's Best Days Are Ahead, We Won't See Restrictive Fed Policy Anytime Soon

The founder of investment management firm Michael Lee Strategy says that “the best days of bitcoin are definitely ahead of it,” expecting the cryptocurrency to “make all-time new highs.” The strategist further says that it will be a long time “before we see any sort of taper or any sort of restrictive policy from the Fed” or other central banks worldwide.

Market Strategist Expects Bitcoin to Make All-Time New Highs

Michael Lee, founder of Michael Lee Strategy, shared his outlook for bitcoin in an interview with Fox Business Monday.

Michael Lee Strategy offers wealth planning and investment management as an investment adviser representative through Compass Financial. Lee is a former vice president in the Institutional Middle Markets group at Morgan Stanley.

Commenting on the price of bitcoin hitting $60,000 earlier this year, Lee said that “it is just a side effect of endless money printing that’s going on.” He dismissed the theory that the BTC price increase Monday resulted from the rumor that Amazon may be accepting bitcoin and other cryptocurrencies for payments. The e-commerce giant published a job posting last week seeking a digital currency and blockchain lead.

Lee said that “the best days are ahead for cryptocurrencies, specifically bitcoin.” Noting that “bitcoin is your first mover,” he believes that the cryptocurrency is “going to profit as much or more as any of the other cryptocurrencies.”

“I think it’s hard to explain some of these moves, but it’s a very much a momentum asset class,” he continued. “So, as soon as you get a little bit of momentum to the upside, the follow on trades just keep coming and coming and coming. And then all of a sudden you go from $29,000 to almost $40,000 in the span of a little over a week.”

Declaring that he is a bitcoin owner, Lee opined, “I think it’s a long time before we see any sort of taper or any sort of restrictive policy from the Fed.” Emphasizing that “it’s not only like that with the Fed, it’s like that with central banks worldwide,” the strategist concluded:

That’s why I think bitcoin is likely to make all time new highs, maybe, maybe not in the next few months. But the best days of bitcoin are definitely ahead of it, not behind it.

Do you agree with Lee that bitcoin’s best days are head? Let us know in the comments section below.

Massive Short Squeeze Pushes Bitcoin Closer to $40K, Crypto Economy Jumps 9% Higher

26/07/2021 by Idelto Editor

The price of bitcoin jumped over 15% in a matter of three hours on Sunday evening and came awfully close to the $40K handle. Since then, the crypto asset has dropped back a few percentages and currently hovers above the $38K range. The entire cryptocurrency economy has spiked 9.72% rising to $1.53 trillion in overall value.

Bitcoin’s Price Skyrockets After Long Period of Consolidation

Bitcoin and digital asset values have risen dramatically during the last 12 hours as bitcoin (BTC) jumped more than 15% yesterday evening (EDT). BTC has managed to hold above the $38K zone on Monday after falling from $39,850 per unit at 9:00 p.m. on Sunday. Bitcoin is still up 12% during the last 24 hours and 24% for the week. Out of the crypto economy’s $1.5 trillion, bitcoin commands 47.1% of that value while ethereum (ETH) commands 17.8%. At the time of writing, BTC is exchanging for $38,489 per coin.

The second-largest crypto asset, in terms of market valuation, is ethereum (ETH), which is swapping for $2,345 per coin. ETH has gained 9.59% over the last day and is up 29.47% during the last seven days. The third-largest crypto asset, binance coin (BNB), is up 7.89% during the last 24 hours and 12.6% for the week. Dogecoin (DOGE) has been the biggest gainer in the top ten today as it jumped 15.15% across the last day and is up 29.2% for the week.

Today’s biggest gainer out of all 10,000+ crypto assets is the token amp (AMP), up 50.3% during the last day. 24-hour statistics show thorchain (RUNE) is up 23% and bittorrent (BTT) has also gained 23%. Today’s biggest losers include flow (FLOW), down 7.5%, stacks (STX), down 1.7%, and axie infinity (AXS), which lost 1.3% in 24 hours. Market aggregators show there’s an increase in global trade volume today with BTC commanding $38 billion of that volume. Tether (USDT) captures $74 billion and ethereum (ETH) has $24 billion.

Rumors of Amazon Expanding Its Crypto-Asset Presence Sparks FOMO

Speaking with Bitcoin.com News, Etoro’s crypto analyst Simon Peters explained how digital assets saw a phenomenal breakout to start the week. “Crypto has staged a stunning breakout on Monday morning, defying the recent gloom for investors,” Peters wrote. “The bullish trading comes on the back of news over the weekend that Amazon is looking to expand its crypto-asset presence, with the news it was hiring a cryptocurrency and blockchain lead,” Peters said. The crypto analyst added:

When Paypal made its announcement, bitcoin languished around $11,700, but the ensuing bull run took the crypto asset to an all-time high of $63,346.

Bitcoin Shorters Lose Their Shirts in Liquidation Land

Besides the Amazon rumors, most of the action on Sunday evening stemmed from the massive liquidation of short-sellers. Bitcoin.com News reported on a possible short squeeze on July 12, when BTC/USD shorts were starting to stack up. The market report explained that usually, short squeezes occur in the world of bitcoin trading when there’s an unusually high amount of BTC/USD short positions recorded.

At times when this trend happens, it triggers an extremely fast pump that leaves short sellers in the dust and in the land of liquidations. Many other analysts and traders assumed this market play was in the cards. Close to $900 million in short positions were liquidated in a 12-hour time span as BTC spiked 15% in value rather quickly. Bybit data shows a great number of traders were “rekt” by the short squeeze and 24-hour liquidation stats now measure $1.15 billion.

Bitcoin’s Yearly Cycle

In another investor’s note sent to Bitcoin.com News, the CEO at crypto trading bot firm Cryptohopper, Ruud Feltkamp, explained that all the market action is simply part of bitcoin’s price cycles. “At a superficial level, the current bull run resembles that of 2017, though that’s technically absurd and illogical. However, if this continues, it would mean that bitcoin should soon reach $50k again,” Feltkamp remarked. The Cryptohopper executive added:

The market has been consolidating for some time, and an upturn was expected by many in late summer or early September, as this is part of bitcoin’s yearly cycle. In addition, the decision by Amazon to hire a crypto team and Tesla accepting bitcoin again have given the necessary spark to fire up the cryptocurrency market once more.

What do you think about the crypto market action during the last 12 hours and the recent value spikes? Let us know what you think about this subject in the comments section below.