1 Top Cryptocurrency to Buy Before It Soars 700% to 2,900%, According to Certain Wall Street Analysts
The price of Bitcoin (CRYPTO: BTC) is based on supply and demand. However, because supply will never exceed 21 million coins, demand for the cryptocurrency is the only variable of consequence. That means the future price trajectory of Bitcoin depends entirely on whether demand increases or decreases from its current level.
With that in mind, certain Wall Street analysts believe two catalysts will boost demand for Bitcoin in the future, so much so that the cryptocurrency could soar 700% or more from its current price of about $50,000 by the end of the decade. Here's what investors should know.
A Fidelity report recently identified several signs of growing demand for Bitcoin. Monthly active addresses, monthly new addresses, and monthly transactions are all trending higher. The illiquid supply of Bitcoin (i.e., the percentage that has not moved in over a year) is near a record high and trending upward, meaning more investors are holding the cryptocurrency. And the number of accounts with at least 0.1 Bitcoin hit a record high in December 2023.
Source Fool.com
