Mateen Soudagar, a non-fungible token (NFT) analyst; By establishing a link between Bitcoin, Ethereum and NFTs, he said that if these two coins, which occupy the top two positions in terms of market value, rise to certain levels, NFTs can take a hit or even collapse.
Analyst: NFTs if Bitcoin and Ethereum reach $100,000 and $10k
According to the analyst, most NFT projects will likely collapse if Bitcoin reaches $100,000 and Ethereum $10,000. According to Soudagar, 60-75 percent of current NFT projects are “scams” and say that rising prices of BTC and ETH will also cause speculators to increase demand, which is why many project owners begin to fear. Soudagar said, “People mostly [spekülasyon için] The NFT projects he is involved in will likely be hit. And it probably won’t get better,” he said.
Speculators are taking up too much space in the NFT market right now, and many investors will go crazy as prices fall, which will trigger more selling waves. Soudagar believes the NFT industry will evolve into more “polished games and virtual worlds”, but “low-effort projects will disappear.”
What’s next in the NFT space, according to the analyst?
On the other hand, Soudagar drew parallels between the behavior of altcoins and NFTs. He discovered that many NFT projects “follow the same sentiment” as altcoins, meaning that as money moves from smaller coins to BTC, BTC drops sharply while rallying. “NFTs, like altcoins, will take a hit when Bitcoin or ETH hits all-time highs. Good altcoins should do well in the long run. Just like NFTs,” he explains. However, he points out that this view is short-term.
He says that NFTs, which he describes as “good projects” for a long time, will have lasting power, albeit a general collapse. He also proposes the alternative that NFT prices will rise if the expected crypto bull lasts for several months.
BTC price on the rise: reached ATH
cryptocoin.com As we reported, Bitcoin climbed to a record $67,000 after the approval of the first US Bitcoin futures-based exchange-traded fund (ETF) on October 20. The cryptocurrency has more than doubled since its low of $30,000 in late July. Plan B’s stock-to-flow (S2F) model, on the other hand, expects the price to rise to $100,000 by the end of the year. Similarly, Ethereum, which has risen above its all-time high of $4,000 in the past few days, is surging to $10,000 this fourth quarter, according to the model.
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