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Popular crypto analyst and influencer Lark Davis says the 2021 crypto bull run has a lot more gas left in the tank.
Davis cites four significant upcoming events in the crypto space that he believes will encourage prices to continue on their bullish ascent.
The first is the Ethereum Optimism upgrade, which is currently scheduled to launch in July 2021.
Says Davis,
“Optimism is one of the most anticipated scaling solutions for Ethereum to happen before the major Ethereum 2.0 upgrade next year. Optimism will allow for 100x scalability on Ethereum before Ethereum 2.0. And most importantly, it’s going to allow for that scalability to apply to Ethereum smart contracts, not just for transferring tokens and stuff back and forth. Right now, Ethereum is basically unusable except for by rich investors who can afford to pay on-chain fees.”
The upgrade will enable a new surge of users to use Ethereum applications, the analyst adds.
The second reason Davis is confident the bull run will extend towards the summer is the launch of Polkadot (DOT) parachains.
Explains the trader,
“Parachains will effectively mean that Polkadot will be a fully operational network and that projects can finally come and deploy their parachains on top of Polkadot. Essentially meaning that the most anticipated network launch in recent crypto history will be happening in just a few months. There are already a couple hundred cryptocurrency protocols ready to deploy to the Polkadot network. That is incredible…
I expect this to be a major market-moving event with that Polka-hype really just continuing for the rest of the year.”
Similarly, Davis points to the highly anticipated launch of smart contracts on the Cardano blockchain as another potential catalyst for the continued crypto bull run. Smart contracts are scheduled to launch in August on Cardano and the team will start testing the functionality as early as this month.
100 projects have signaled their support for deploying their applications on Cardano when they go live, according to the analyst.
The fourth event is the speculative launch of a Bitcoin exchange-traded fund (ETF) in the United States. Davis notes that a BTC ETF in the US is uncertain, but cites news that Morgan Stanley and Fidelity are both working on getting an ETF approved.
Says Davis,
“Now when the ETF is approved in the USA, there’s a good chance that the price of Bitcoin will absolutely freakin’ explode and, of course, right along with it, the entire cryptocurrency market.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/wisawa222
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