Bitcoin is trading below the $45k mark at the moment, but market experts believe it will reach $100k soon.
Hong Fang, the Chief Executive Officer of the US cryptocurrency exchange OKCoin, is confident that Bitcoin’s price could touch the $100k level in the coming months. He told CNBC that;
“Mid to long-term, I still think getting to $100,000 – or even higher price – shouldn’t be a problem. The timing can be a bit elusive because we are at the mercy of market dynamics.”
She stated that Bitcoin has no protocol risks, hence, the reason why he is bullish on the leading cryptocurrency.
Bitcoin reached an all-time high of $69k two months ago. However, it is down by more than 35% from the all-time high, and it is now trading above $42k.
The cryptocurrency market has lost $1 trillion over the last eight weeks. In November, the total crypto market cap reached the $3 trillion level. However, it is now around the $2 trillion mark due to the recent bearish performance.
The leading cryptocurrency rallied by more than 60% in 2021. At the start of 2021, Bitcoin was trading at $32k but rallied by more than 100% to reach $69k by November. However, it has been in a bearish trend since then and is now trading around $42k per coin.
Fang said the nonfungible token (NFT) space is still in its early days, as such, it is not for everyone. She said,
“It is very early, so it is not for everyone. You got to do your homework before putting your money into it.”
Nonfungible tokens gained massive adoption last year. According to the recent data, NFT trading volume surpassed $25 billion in 2021, representing a 43,000% increase from the previous year. NFTs and the metaverse are expected to gain even more adoption in the coming months and years.