Although the cryptocurrency market behemoths Bitcoin (BTC) and Ethereum (ETH) have been consolidating their gains recently, plenty of cryptocurrency supporters have shared their optimistic prognoses for the industry’s future, including Elon Musk.
As it happens, Tesla (NASDAQ: TSLA) and Twitter (NYSE: TWTR) CEO was replying to a July 11 post by Twitter user Daniel, a.k.a. growing_daniel, who shared his prediction that, by the end of the decade, all traditional currencies might become digitalized through computer processors or graphics processing units (GPUs).
Namely, the author referred to the fact that proof-of-work (PoW) crypto miners use GPUs used to mine digital assets, as well as the growing trend of fiat currency digitalization. In response, the billionaire entrepreneur agreed with the general sentiment, albeit specifying that there should be a change in terminology for the underlying technology as such. As Musk replied:
“We should probably stop calling them GPUs, but yeah.”
Notably, such powerful statements as above, particularly expressed by influential figures like Musk himself, have been known to influence the general sentiment in the crypto sector, driving upward the price of the relevant digital assets mentioned or the market as a whole.
With this in mind, Bitcoin and Ethereum, as the industry’s representatives and largest digital assets by market capitalization, could see a significant increase in price, particularly coinciding with other trends and indicators that could assist this bullish move.
Bitcoin and Ethereum price analysis
At press time, Bitcoin was trading at $30,728, demonstrating an increase of 1.08% on the day, a 0.12% decline across the previous week, and an 18.56% gain on its monthly chart, as per the latest data retrieved by Finbold on July 12.
Indeed, the pseudonymous crypto market analyst known as Seth has noted Bitcoin’s earlier chart patterns, specifically those from 2016 and 2019, which suggest that “the Bitcoin bull market has officially kicked off,” as Finbold reported earlier.
Meanwhile, the price of the Ethereum cryptocurrency stood at $1,889.36, up 1.07% in the last 24 hours, down 2.15% over the past seven days, as well as gaining 8.36% to its value across the previous month, as the recent charts suggest.
Additionally, Ethereum, too, has been giving off a bullish vibe, leading crypto analyst Altcoin Sherpa to express the belief that it could “go as high as $3,000 before a pullback,” the strength of which will depend on the wider macro factors, according to the tweet.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
