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A prominent crypto analyst says he believes Bitcoin is heading to an $8 trillion market cap by 2026. That would bring the price of each BTC to about $381,000.
Willy Woo, who invented the Network Value to Transactions Ratio (NVT), told Venture Coinist that BTC is also on target to first reach a $1-trillion market cap in this current market cycle. The NVT ratio measures the utility value of Bitcoin according to the number of transactions on the network relative to the price.
“I think we’re on track. I think that this cycle will get us past $1 trillion. And then the next cycle will be the one that takes us to breaking the gold market cap.”
Right now, the crypto market is mostly red. Bitcoin is down 5.23% at $11,211, according to COIN360.
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Ethereum is down 1.12% at $291.14, XRP is down 3.10% at $0.3826 and Litecoin is down 4.86% at $118.20.
As BTC dips, analysts at large are split on where the leading crypto is heading at the start of the weekend.
Bitcoin
CoinDesk – Bitcoin price drops 5% but rebound likely, charts suggest
Blockonomi – BTC looking likely to make a move down
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Ethereum
FXStreet – ETH/USD in retreat, discouraged by a failure at $300
CoinCodex – ETH returns to 2019 lows against Bitcoin
XRP, Litecoin, Bitcoin Cash
FX Empire – XRP, LTC and BCH staying above major support levels
CryptoGlobe – Strong RSI growth signals long term strength for LTC
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