- Exec predicts a bullish yr for Bitcoin, Ethereum, and Solana
- To him, Cardano’s prospects seem dim, nevertheless, signaling potential irrelevance
Throughout a current episode of The Wolf of All Streets podcast, Tom Dunleavy, Accomplice and Chief Funding Officer (CIO) at MV Capital, projected that Bitcoin (BTC) may hit $100,000 whereas Ethereum (ETH) may see its worth surge to $8,000.
Nonetheless, he additionally anticipates that the highest two cryptocurrencies may lose market share to Solana (SOL) because it rallies above $400.
Bitcoin’s most bullish state of affairs
Delving deeper into the rationale, Dunleavy recommended that $100,000 is perhaps a bit mild. Referencing historic patterns noticed post-halving occasions, he talked about,
“When you take a look at post-halving numbers, a 4X improve is mostly what we’ve seen.”
Nonetheless, he additionally cautioned that with solely 4 cases to attract from, such predictions aren’t extremely dependable. As an alternative, the exec proposed a stable base case of a 2x improve for Bitcoin.
Dunleavy additional highlighted Bitcoin’s significance as the most important settlement layer by financial weight, suggesting its potential growth into decentralized finance (DeFi). This evolution, he argued, is a logical step for the community, with an rising variety of protocols vying for dominance.
3. BTC $100k, ETH $8k however each lose mkt share to Sol because the rally continues@solana rises above $400 and sees record-high energetic addresses exceeding 1M some days. @SolanaConf is the must-attend occasion of the yr. @aeyakovenko nonetheless doesnt care concerning the token, solely constructing (😂) pic.twitter.com/xq8I6197Ji
— Tom Dunleavy (@dunleavy89) January 4, 2024
Solana v. Ethereum
Dunleavy pointed to the Solana Saga cell phone as a major think about his bullish place. The fast sell-out of 60,000 Solana Saga 2 telephones additional exemplifies the growing shopper curiosity. In actual fact, despite some community outages, Dunleavy identified that SOL’s worth has proven resilience. Furthermore, the Jupiter (JUP) airdrop has additionally been creating a major wealth impact.
“Jupiter is only one/4 approach achieved with their airdrop… so there’s going to be a ton extra of these, and also you’re simply going to see that cash slash round in Solana”
This technique, whereas criticized by some as merely producing synthetic liquidity, was defended by Dunleavy as a gateway that pulls customers to actual use circumstances and innovation inside the ecosystem. He contrasted Solana’s strategy with Ethereum’s. The platform has confronted criticism for a perceived gradual evolution in the direction of an improved person expertise and issues over liquidity.
For his or her half, Ethereum researchers have proposed options akin to shared sequencers to deal with these points. Nonetheless, the group is rising impatient with the projected two-to-three-year timeline for these enhancements.
“I believe Ethereum’s both going to rush up, or a few of these different ones are actually going to steal loads of market share shortly.”
In the meantime, Solana and platforms like Apto and Sui are shortly addressing market calls for for usability and developer-friendly environments.
Is Cardano useless?
Dunleavy supplied a important perspective on Cardano’s (ADA) future, suggesting a bleak outlook for the once-promising blockchain platform. In response to him, a brand new UTXO/EVM interoperable chain is poised to take its place. He attributed the platform’s challenges to an absence of important options akin to a stablecoin and a vibrant DeFi ecosystem, which is basically as a result of limitations inherent in Cardano’s protocol mechanisms.
The exec additionally pointed to the management at Cardano, describing it as resistant to vary and adaptation. This has led to immense frustration amongst builders and initiatives, pushing them to seek alternatives.