Bitcoin ($BTC) and Ethereum ($ETH) Will Hit New Highs This Year, Says Celsius’ CEO
Categories: Bitcoin US
The CEO of cryptocurrency lending platform Celsius Alex Mashinky has revealed he believes that the price of the flagship cryptocurrency Bitcoin (BTC) will surpass its previous all-time high this year, as will the second-largest cryptocurrency by market capitalization, Ethereum ($ETH).
During an interview the Paris Blockchain Week Summit, Alex Mashinky addressed several topics regarding the cryptocurrency space, and predicted new highs for the top two cryptocurrencies.
Mashinky defended that BTC has seen strong support around the $33,000 mark earlier this year and that Terra’s buildup of bitcoin reserves for its decentralized stablecoin UST has played a role in supporting the cryptocurrency’s price.
He added, however, that there are some potential hurdles ahead for the cryptocurrency space. These include potential pressure on the markets caused by Russia’s ongoing invasion of Ukraine, and a further tightening from the U.S. Federal Reserve.
The interview also saw Mashinky comment on a range of different topics including macroeconomic factors, institutional adoption of crypto assets, and the centralization and decentralization debate.
As Crypto Globe reported, earlier this month Pantera Capital CEO Dan Morehead revealed he believes that as the cryptocurrency market becomes broader and more valuable the “amplitude of price swings will moderate,” although he sees a “massive rally” in the next 6-12 months. The CEO also added that the price of Bitcoin has dropped 56% from its 11-year exponential growth trend, which means that the “markets have rarely been so cheap relative to the trend.”