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The founder of the Cardano blockchain project, Charles Hoskinson, suggested that by the middle of the year the Bitcoin rate could reach a new all-time high of $250,000.
According to Hoskinson, Bitcoin reaching a new historical high will lead to a flow of capital from the first cryptocurrency to altcoins, which will trigger their rally.
This pattern of value redistribution from Bitcoin to altcoins is a recurring feature of cryptocurrency cycles. The Cardano founder cited 2021 as an example, noting that Bitcoin’s rise to $68,000 during that period coincided with the explosive growth of major altcoins.
He stressed that the current cycle is unlikely to develop at the same speed as previous rallies. The extent of this growth is unclear and it is impossible to draw definitive conclusions, since the cycle is still at a very early stage of development.
Earlier, Charles Hoskinson named the reason for the collapse of the price of the first cryptocurrency from a record level of $126,000 to $80,600. The main driving force behind the decline in the crypto market were large companies that “applied pump and dump tactics” (pump and dump) of virtual coins on their balance sheets.
