The most valuable cryptocurrency in the world, Bitcoin, has experienced many oscillations. However, according to cryptocurrency analyst George Tung, the digital currency is close to crossing the $200,000 threshold.
The Bitcoin Prediction of George Tung
According to George Tung, the ongoing distrust in banks and Bitcoin’s earlier cycles are the main factors boosting the value of the cryptocurrency. According to Phil B’s logarithmic curve, which is frequently used to analyze Bitcoin’s scarce value, the currency will eventually reach a value of around $200,000.
Tim Draper, Michael Saylor, Kathy Wooden, and other business experts predict that Bitcoin’s value will keep rising. Despite Mike Novogratz’s prediction that Bitcoin will be worth $200,000, there are some who believe its value may rise in coming cycles.
Benefits of Bitcoin
The usefulness of cryptocurrencies is crucial, and Bitcoin has been crucial in the expansion of other crypto-based projects. One such project is Mint Layer, which aims to make it possible for developers to build on top of Bitcoin Defi using smart contracts, appropriate swaps, NFTs, dApps, and other tools.
A $4 million grant has already been given to the side chain to entice developers to build on top of the platform. George thinks that at some point, Bitcoin might be used as a platform for smart contracts.
rising cryptocurrency market cap
Although Bitcoin is perhaps the most valuable cryptocurrency, its market capitalization has been growing and is currently at 1.1 trillion dollars. Along with Goal Protocol, a well-known dApp, a number of cryptocurrencies have been performing well.
