Cryptocurrency analysis firm Arcane Research is giving investors predictions on what could happen next year to major cryptocurrencies such as Ethereum (ETH), Bitcoin (BTC), and meme coins including Dogecoin (DOGE), Shiba Inu (SHIB) . Cryptocoin. com we are conveying the details…
Arcane Research drew attention to SHIB, BTC, ETH and layer 1 coins in its report
In its Weekly Update report, Arcane predicts that ETH will outperform Bitcoin (BTC) in terms of price performance, but will continue to lag behind Bitcoin by market cap. Ethereum’s valuation is currently around $490 billion, while BTC is worth $1 trillion. Ethereum, which is thought to outperform BTC, is also facing threats from other layer 1 networks. In 2021, layer 1 coins Solana (SOL), Avalanche (AVAX), Terra (LUNA), Phantom (FTM) and Harmony (ONE) have already outstripped ETH in terms of profit.
The report says that altcoins from these platforms will continue to outperform ETH next year as user acceptance and fund inflows continue to increase and drive the price of these coins. According to Arcane, adoption of layer 1 other than ETH will continue to increase and coins will outperform ETH as well.
Finally, when it comes to meme coins that marked 2021, such as Dogecoin (DOGE) and Shiba Inu (SHIB), the firm thinks that most of these tokens will experience a decline after this year’s big rally. “Most meme coins will turn into obscurity as a historical relic of the absurd times in 2021,” the statements are used. DOGE and SHIB have been in decline for a long time. DOGE is 76 percent below its record of $0.73 on May 8, 2021, while SHIB is 60 percent below its record set on October 28, 2021.