Crypto & Blockchain Daily Brief Saturday, February 10, 2024

A panel of experts has predicted that the price of Bitcoin will exceed $77,000 by the end of this year. The panel was assembled by Finder, a financial comparison website, and consisted of 10 blockchain and cryptocurrency experts. They were asked to provide their price predictions for Bitcoin by the end of 2021. The panel's average prediction was that the price of Bitcoin would reach $77,379 by the end of the year. The highest prediction was $160,000, while the lowest was $28,000. The panel also predicted that the price of Bitcoin would continue to rise in the coming years, with an average prediction of $318,417 by the end of 2025. The panel cited several factors that they believe will drive the price of Bitcoin higher. These factors include increased institutional adoption, growing interest from retail investors, and the continued development of the cryptocurrency ecosystem. However, the panel also acknowledged that there are risks and uncertainties that could impact the price of Bitcoin. These include regulatory crackdowns, market volatility, and potential technological issues. While the panel's predictions are optimistic, it is important to note that the price of Bitcoin is highly volatile and unpredictable. It has experienced significant price swings in the past, and there is no guarantee that it will reach the levels predicted by the panel. Nevertheless, the panel's predictions reflect the growing optimism and bullish sentiment surrounding Bitcoin. As more institutional investors and mainstream companies embrace the cryptocurrency, there is increasing belief that its price will continue to rise in the future.

Ethereum's next network upgrade, known as the "Berlin" hard fork, is scheduled to take place in mid-April. This upgrade will introduce several important improvements, including changes to the gas fee structure and the introduction of new types of transactions. One of the main improvements of the Berlin hard fork is the introduction of a new transaction type called "Eth2-style." This new transaction type is designed to improve the efficiency of the Ethereum network and reduce the amount of data that needs to be stored on the blockchain. It is expected to help reduce transaction costs and improve scalability. The gas fee structure will also be changed as part of the Berlin upgrade. Currently, the gas fee for executing a transaction on Ethereum is determined by the amount of computational work required to process the transaction. However, this system has led to high fees during periods of high network congestion. The new gas fee structure, known as "Elasticity," will dynamically adjust the gas fees based on network demand, which is expected to help reduce fees and make the network more efficient. In addition to these changes, the Berlin hard fork will also introduce several other improvements, including changes to the Ethereum Virtual Machine (EVM) and updates to the Ethereum Improvement Proposals (EIPs) that govern the network's operation. Overall, the Berlin hard fork is expected to bring several important improvements to the Ethereum network. These changes are designed to make the network more efficient, reduce transaction costs, and improve scalability. The upgrade is scheduled to take place in mid-April and is expected to be a significant step forward for the Ethereum ecosystem.