Bitcoin could have a new record in its price, experts say. On the other hand, Ethereum has had a significant growth.
Bitcoin, the most widely used crypt currency, has shot up in recent weeks. Especially so far in November, and it has approached 16,000 dollars, the highest level since the beginning of 2018. In this sense, experts insist that Bitcoin could have a bullish cycle as in 2017. For its part, Ethereum has also experienced gains in recent days.
The crypto-currency, which hovered around $10,500 at the beginning of October, has risen by 50% in just over a month, boosted by the entry of institutional investors, and on Friday it reached $15,900. In just one week, since 2 November, the bitcoin has appreciated by 18%.
In addition to Bitcoin, Ethereum has also risen
The Ethereum has also increased in value, although to a lesser extent. There are currently two key reasons why analysts expect Ether to perform strongly in the short term.
First, Bitcoin’s market capital could move to ETH after the announcement of Ethereum 2.0. Secondly, ETH has recently tested a critical level of resistance, which increases the chances of a wider rally. Given that the altcoin market has historically recovered after an initial Bitcoin rally, the timing of an upward trend for ETH is ideal.
Added to this, it became known today that, Crypto Genius has been one of the most important contributors, so far. The inventor of Ethereum has shown his confidence in the project by making a deposit of 3200 ETH for over $1.4 million divided into 100 transactions of 32 ETH each.
Buterin still retains about $2.5 million in the address from which he sent the funds and $1 million in other assets based on Ethereum.
However, according to experts, these movements are due to the strong entry of institutional investors into Bitcoin after the news that PayPal will allow the incorporation of cryptomonies to its payment platform.
BTC as digital gold
Remember that Bitcoin fell below $5,000 in March, with the first wave of the coronavirus pandemic, but reached $11,000, more than double, at the end of July. By the end of 2017, this cryptomone currency was even close to $20,000.
Recently, the billionaire investor Mike Novogratz said at the Bitcoin auction that the cryptomoney will be like „digital gold“ and will not be used in the same way as the traditional currency for at least the next five years.
He was also more positive than ever about Bitcoin in an interview with Squawk Box. Novogratz explained that Bitcoin has officially entered a bull market. He also said that the central banks, which will continue to print money without limit, will give a new boost to Bitcoin. According to Novogratz, Bitcoin is increasingly seen as a cover for fiscal irresponsibility: