Bitcoin is looking at $90,000 by the end of the year! Solana is on the list of the most popular bloc

Bitcoin is looking at $90,000 by the end of the year! Solana becomes the most popular blockchain

Bitcoin (BTC) stole the spotlight in the first quarter of 2024. The investment institution Bernstein raised the price of Bitcoin at the end of the year from the originally expected US$80,000 to US$90,000.

In addition, Bernstein also adjusted the prediction of Bitcoin’s computing power after Halvening from 15% to 7% (the higher the computing power means more miners will join the competition), and also adjusted the Bitcoin mining forecast. Mining company stock price targets.

Although Bitcoin prices have soared to record highs this year, as of now, Bitcoin is not the most popular blockchain. Analyst company CoinGecko Research released a latest report. Solana is the most popular blockchain ecosystem so far this year, with 49.3% of investors praising it. The main reason is related to the recent crazy "meme currency craze."

Bernstein: Bitcoin could reach $90,000 by the end of the year

Many institutions and celebrities have made predictions about the price of Bitcoin this year. Richard Teng, CEO of the exchange Binance, recently said that he believes Bitcoin will rise to more than $80,000 this year; Standard Chartered predicts It will be $150,000.

In its latest forecast, Wall Street investment bank Bernstein raised its price forecast for Bitcoin at the end of this year from US$80,000 to US$90,000, predicting that in the 2024-2025 cycle, the price will reach a high of US$150,000. .

In addition, April is about to usher in the fourth Bitcoin halving. Bernstein predicts that the computing power after the halving will be adjusted from the 15% reduction previously predicted to a 7% reduction, which means that this halving will have a negative impact on miners. The impact will be relatively small.

Not only that, Bernstein also significantly increased the stock price target of Bitcoin mining companies.

The target price of Bitcoin mining company CleanSpark was raised from US$14.20 to US$30; the target price of Marathon Digital was raised from US$14.30 to US$23.

Bernstein analysts Gautam Chhugani and Mahika Sapra wrote in the report: "With Bitcoin's new bull cycle, strong ETF inflows, aggressive capacity expansion by miners, and miner dollar revenue hitting record highs, we believe , buying shares of mining companies is a very attractive option for investors during the encryption cycle.”

Solana becomes the most popular blockchain! Why?

In addition to Bitcoin price predictions, the analysis company CoinGecko Research recently released a report on blockchain. So far in 2024, the most popular blockchain is Solana, taking the first place with a share of 49.3%.

Ethereum and BNB Chain ranked second and third respectively, with 12.7% and 5.4% of investors paying attention respectively.

So far in 2024, the most popular blockchain is Solana, taking first place with a share of 49.3%.

Solana was definitely the brightest star in the first quarter of this year. Last week, the price of its native token SOL exceeded $200, officially becoming the fourth largest cryptocurrency by market value.

The reason for their popularity is that various meme coins on the chain are welcomed by investors. In addition to “Dogwifhat” and Bonk, BOOK OF was released last week by Pepe meme artist Darkfarm. After MEME (BOME) was listed on major exchanges such as Binance, the price surged by 1924% in just a few days, and the market value even exceeded US$1.45 billion.

Sloth Coin ($SLERF) also lost $10 million in tokens due to the founder's slippage, which unexpectedly caused Sloth Coin to become the third largest meme coin in terms of market value.

Experts analyze that the Solana meme coin craze is mainly driven by decentralized exchanges such as Raydium, Orca and Jupiter. The transaction fees and transaction volume on the Solana chain have also hit new highs in the past week, making it the most popular currency. Blockchain, too, is no surprise.

References: Coindesk, The Block, The Block 2

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