Research firm FSInsight speculates that Bitcoin could reach $200,000 in the second half of the year while Ether could test $12k.
The firm’s head of digital assets strategy, Sean Farrell, notes that the correlation between Bitcoin and tech stocks is becoming stronger with BTC and the broader crypto market. The analyst attributes it to what he termed as legacy capital entering the fold.
The company notes that decentralized finance, non-fungible tokens, and related Web 3.0 applications are driving big gains in Ethereum.
Farrell observed that Bitcoin became more correlated with equities at the close of the fourth quarter of last year, only dropping on speculated central bank policy tightening.
Bitcoin is up 2.98% in the past 24 hours, trading at $43,915, while Ether is up $1.22% in the same period at $3,113.