- Exec predicts a bullish 12 months for Bitcoin, Ethereum, and Solana
- To him, Cardano’s prospects seem dim, nonetheless, 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) might hit $100,000 whereas Ethereum (ETH) might see its worth surge to $8,000.
Nonetheless, he additionally anticipates that the highest two cryptocurrencies might lose market share to Solana (SOL) because it rallies above $400.
Bitcoin’s most bullish state of affairs
Delving deeper into the rationale, Dunleavy urged that $100,000 is likely to be a bit mild. Referencing historic patterns noticed post-halving occasions, he talked about,
“If you happen to have 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 biggest settlement layer by financial weight, suggesting its potential enlargement into decentralized finance (DeFi). This evolution, he argued, is a logical step for the community, with an growing 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 lively 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 big consider his bullish place. The speedy sell-out of 60,000 Solana Saga 2 telephones additional exemplifies the rising shopper curiosity. In truth, despite some community outages, Dunleavy identified that SOL’s value has proven resilience. Furthermore, the Jupiter (JUP) airdrop has additionally been creating a big wealth impact.
“Jupiter is just one/4 means executed 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 instances and innovation inside the ecosystem. He contrasted Solana’s strategy with Ethereum’s. The platform has confronted criticism for a perceived sluggish evolution in the direction of an improved consumer expertise and issues over liquidity.
For his or her half, Ethereum researchers have proposed options resembling 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 feel Ethereum’s both going to rush up, or a few of these different ones are actually going to steal a number of market share rapidly.”
In the meantime, Solana and platforms like Apto and Sui are rapidly addressing market calls for for usability and developer-friendly environments.
Is Cardano useless?
Dunleavy provided a crucial perspective on Cardano’s (ADA) future, suggesting a bleak outlook for the once-promising blockchain platform. Based on him, a brand new UTXO/EVM interoperable chain is poised to take its place. He attributed the platform’s challenges to a scarcity of important options resembling a stablecoin and a vibrant DeFi ecosystem, which is essentially 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 alter and adaptation. This has led to immense frustration amongst builders and initiatives, pushing them to hunt alternate options.
