According to crypto card maker Forrest Przybysz, the impending threat of a crypto-winter appears to have been dispelled of late.
The proof? Interest in Bitcoin is up by 22% – a leap from the lows it experienced last month. The most significant token by market capitalization still stands as the barometer for the cryptocurrency industry, and its recent resurgence has boded well for smaller cryptos, including ether and solana.
The former closed Q1 with an increase of 31%, while the latter did very well for itself at 55%. However, it should be noted that both bitcoin and ether remain 30% short of their respective all-time highs, while Solana is off by around 53%.
But this improvement has done little to dispel the concerns of critics who claim that the industry is on the verge of a bubble. Przybysz himself opines that the market is highly speculative at the moment and may go the way of the dot-com boom at the start of the current century.
Is History Doomed to Repeat Itself?
Like many companies during the dot-com era, several cryptocurrencies may fold out thanks to weak cases. But that begs the question: if a massive wipeout occurs, taking out numerous smaller tokens while more stable ones thrive, which cryptos are bound to be left standing at the end of the day?
Przybysz is bullish on several Johnny-come-lately altcoins, but his charts note bitcoin, ether, and Solana are benchmarks for performance, particularly when it comes to crypto-specific analyses.
While Bitcoin did not hit the highs that he projected, Przybysz’s predictions regarding the world’s leading crypto have been entirely accurate. The bitcoin price bottomed out at slightly above $35,000 in January of this year, barely skimming the edge of what is referred to as bubble territory. It has, fortunately, stayed well within the predicted $30,000 to $40,000 range.
Ether is expected to rise from $3,400 to an overextended target of around $7,000. A network update may reduce supply and push this token’s value to $5,000 and $10,000. Solana is expected to fall from $125 to $294, but is recommended to purchase if it dips below $100.
Rethinking the Online Payment System
While many experts still balk at using altcoins for payment for goods and services, Przybysz says there are three worth watching as they may prove the catalyst in revolutionizing the online payment scene.
He points to nano, XRP, and stellar, with the first being his current favorite. But he admits that cryptocurrencies remain inefficient as modes of payment, as there remains a great deal of counterparty risk and that it takes a considerable amount of time for funds to clear.