Competing with over 11,500 other coins, Bitcoin price may still go $100,000 by the end of the year

By Selena On Sep 3, 2021

Euro Pacific Capital CEO Peter Schiff speaks out on Bitcoin price once again, explaining why BTC is losing market share. However, in contrast to the fan of gold as an investment tool, Michael Gronager, CEO of Chainalysis and co-founder of Kraken, that Bitcoin may still go past the $100,000 level by the end of 2021 as adoption expands and regulatory clarity fighting appears.

Peter Schiff opines on why Bitcoin price is losing market dominance

First, Schiff thinks that the leading cryptocurrency is losing dominance as it has to compete for market share with nearly 12,000 other cryptocurrencies. He notes that none of these cryptos are scarce in reality since new currencies emerge in the market almost every day, assuming that the only thing that differs them is their titles.

After all, Schiff reckons that the supply of altcoins will eventually kill any demand that exists at the moment.

#Bitcoin is losing market dominance because it competes for market share with over 11,500 other #cryptos. None of these digital tokens are really scarce, as new cryptos are created every day and the most significant difference is the name. Supply will eventually overwhelm demand.

— Peter Schiff (@PeterSchiff) September 2, 2021

On July 29, the Bitcoin Dominance Index’s value was at the 69.36% level. At the time of writing, it is at 63.47%. A peak of 84.23% was noticed in early 2021 on January 3. Back in December 2016, when many current altcoins did not exist, this metric totaled 92.35% – the level that has not been regained ever since.

However, what is surprising is that Schiff also admits that Bitcoin has beaten gold over the past ten years.

And not just gold, but Bitcoin has outperformed all other traditional asset classes during the same period. However, Schiff asserts that this doesn’t prove that BTC is better than gold, stocks, real estate, or any other asset it has surpassed in terms of returns.

In the past six years, Ethereum has also beaten Bitcoin and this year in particular as well. But he doubted that ETH is better than Bitcoin as if trying to play on the ego of Bitcoiners who consider all altcoins inferior, including Ethereum.

Source: Peter Schiff

Bitcoin could reach above $100,000 by the year’s end

According to Gronager, the main driver of the Bitcoin price recently has been Ethereum rising after the London hard fork implementation on August 5. Also, the positive impact of El Salvador adopting Bitcoin as a legal tender, even though around 65% of the population claim they will not want to get paid in BTC.

Michael Gronager, CEO of Chainalysis and co-founder of Kraken

As Kraken co-founder, the Chainalysis CEO has agreed with the Kraken chief Jesse Powell, who believes that the moon is a bearish case for Bitcoin, and it is likely to go to another dimension.

Gronager agrees with Powell that Bitcoin may go past the $100,000 mark by the end of the year. He stated that it is currently a bull market. Bull markets for such cryptos as Bitcoin, Ethereum, and other top ones are primarily powered by bear markets. Many exciting things get developed to make bull markets make a stronger reappearance.

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