Since the beginning of April, the exchange rate of the first cryptocurrency has entered a phase of protracted correction, Gemini noted. In the last two months, the price of bitcoin has been in a wide range between $53,550 and $72,000, and the ether rate has been in the range of $2,800 and $3,970. After the price jump in March, the ether rate sank by 22%, and bitcoin by 12%. However, in the long term, we should expect an increase in quotations, experts believe:
"The cryptocurrency market is on the verge of sustained growth, which will last for the next couple of years, despite the existing correction."
They pointed to several factors contributing to the continued growth of the digital asset industry:
monetary policy easing by the central banks of the United Kingdom, Canada and the European Central Bank (ECB);
infrastructure development, the emergence of new financial applications and tools that are being actively introduced into the business;
the change in the political background in the United States is favorable for bitcoin and the crypto market in general.
Gemini believes that another driver of the industry's growth may be the growing demand for stablecoins and user interest in digital asset betting platforms such as Polymarket.
Earlier, analysts at the Bernstein investment company reported that they expect a 15-30% increase in annual demand for mining equipment in the United States due to an increase in the hashrate of the Bitcoin network.