The cryptocurrency network is now worth more than Canada’s GDP. With a current market capitalization of around $1.8 trillion, it surpasses Canada’s GDP of $1.6trillion dollars, by about $200billion.
That is to say, if the cryptocurrency market was a country, it might have a shot at being a member of the G7, wouldn’t that be a sight?
At the zenith of this towering empire lie Bitcoin and Ethereum, these two digital assets make up $1.3 trillion of the total $1.7trillion of the cryptocurrency market. These two coins rank 1st and 2nd in popularity and value. This position makes these two tokens a healthy and safe investment.
But lots of investors are usually undecided on which asset to invest in and how to invest. To help you make a decision we will explore both tokens, give our pick after a proper analysis and recommend investment options.
Bitcoin reached a new all-time high on the 13 of March 2021, trading at $60,000 on World leading crypto exchange Bityard, currently, it trades for $61,000. This comes just a few weeks after hitting the $50,000 mark which was a notable milestone, as the $50,000 mark was a crucial psychological barrier, and breaking that barrier makes Bitcoin reaching $100,000 before the end of the year, a realistic prospect.
Bitcoin traded at $61500 on exchange Bityard
This exponential growth is relished by a lot of investors and keeps attracting new investors every day. But this growth also comes with its own worries, lots of individuals and analysts are afraid that such a rise could lead to the price of Bitcoin plummeting. They argue that Bitcoin lacks intrinsic value and will soon become worthless.
Based on present facts, such fears are unfounded, Bitcoin does have intrinsic value. Apart from value, it has as serving as the most trusted digital currency it also serves as a fixed asset, a lot of people who own Bitcoin buy as a form of long-term investment, hoping to sell when its value appreciates or to hold as a form of security.
This value isn’t just arbitrary it is strongly backed by institutions, in fact, the increase in the value of Bitcoin is fuelled by the interest of corporations or institutions, as seen in its recent increase to $50,000 this increase came after Tesla announced it has bought $1.5 billion worth of Bitcoin.
Considering the institutional backing Bitcoin has, one can safely accept that Bitcoin isn’t losing value anytime soon, and we can continue to expect rapid growth.
All indicators point to Bitcoin reaching the $100,000 mark before the end of the year
Ethereum started the year at $730, six weeks later it was traded for $2030 on crypto exchange Bityard. An impressive run that saw an almost 300% gain in value.
No other digital asset show tremendous potential for growth this year, more than ethereum does.
Presently 68% of ethereum is held in wallets with at least 10,000 ethereum, this signifies that a large quantity of ethereum is being acquired by whales who intend to hold long-term, and more ethereum is being moved out of crypto exchanges in large quantities.
This increased interest to hold comes as a result of the anticipated upgrade of the ethereum system to ETH2.0 these upgrade aims to solve a lot of issues on the ethereum network and improve the capability of the network.
But a key component of this upgrade that is expected to drive the price of ethereum to higher levels is the upcoming London fork, slated to take place in the month of July.
This particular phase of the upgrade comes with a critical change, previously gas fees for transactions were paid to the miners, but with this upgrade, these fees will be sent to the ethereum network itself, where they will be burnt (erased from existence), reducing the number of ethereum in existence, and triggering a significant bullish run as relative scarcity causes an increase in value.
Which is a better investment?
We will go with Ethereum.
The planned upgrades to the ethereum blockchain, gives it an edge over Bitcoin as a usable asset, making it a better choice for transactions. This upgrade and the proposed ether burning(EIP 1559) show potential for massive gains that will eclipse whatever value appreciation Bitcoin undergoes.
Another development to note is the resurgence of Defi (Decentralized finance) which is based on the idea that cryptocurrency technology can create an open alternative to traditional financial instruments such as savings, trading, loans, and more.
The growth of the DeFi ecosystem of which ethereum is the most common is still set to attract more users. This is expected to drive the price of ethereum higher.
How to invest
To acquire or buy Ethereum or Bitcoin, we recommend world leading cryptocurrency exchange Bityard.
A secure and well regulated exchange, with a simple platform designed with beginners in mind.
All you need do is register, deposit funds, click on the spot trading page, and buy whatever amount of Cryptocurrency you want. And then hold till you decide you’ve made enough returns.
Another investment option is the Copy trade option available on Bityard. This trading option allows users to make money from following expert traders, who contract trade digital assets. In this option, investors can make a profit from either direction of the market (when prices go up or when they come down).
Bityard offers the best prices on the market for any digital asset and has additional features which include a free daily mining option for users that allows you to get free tokens daily when you mine them on the exchange’s app.
The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price
Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.
Check out what he had to share with his followers and Twitter fans:
Crypto wealth is approx 50bps of global wealth. That means if you don’t have at least 1/2 percent invested in crypto you are short the global benchmark. Most institutions are still at 0. As they move in, that number will go to 1 then 2 then….
The cycle has started.— Mike Novogratz (@novogratz) October 16, 2021
Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’
Jack Dorsey boosts the price of BTC
It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.
CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.
Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.— jack⚡️ (@jack) October 15, 2021
Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.
Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run
How big is median increase in Bitcoin (BTC) price in bullish market phases?
As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.
Bitcoin (BTC) price doubled in 87 days: Bull Run 2021
According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.
#bitcoin at $61,000 is 2x from where we mark the start of this new bull market in July.
For perspective, the median bull cycle went up 15x over 300 days.
More thoughts on the state of the market here: https://t.co/g46sxp7Qe6 pic.twitter.com/Iy96sJvZzO— Dan Morehead (@dan_pantera) October 15, 2021
Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.
According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.
That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.
Will Bitcoin ETF mark the top of the BTC cycle?
At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.
Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:
Will someone please remind the day before the bitcoin ETF officially launches? I might want to take some chips off the table.
As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.
The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.
Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead
The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.
In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT
“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”
Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.
“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.
At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.
That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”
At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.