By Tyler S - Wallet Specialist - 06-11-2021
The cryptocurrency trading market has seen massive growth in 2021, although considering the market crash in May, this might seem like a debatable fact. That being said, Bitcoin (BTC) and a selection of altcoins have risen to exponential all-time highs.
Crypto market investments such as Ethereum (ETH), Solana (SOL), Cardano (ADA), and Ripple's XRP have been significantly growing in price over the last month. Each of these altcoins has consistently seen increases and even reached percentages in the double digits throughout October. The higher-ranked crypto assets push the entire crypto market value closer to the $3 trillion mark.
The price to buy Bitcoin investments has increased from $45,000 to $67,000 in a month, recovering completely from the crypto crackdown. This price spike is partly backed by the United States releasing the first-ever BTC ETF. However, in comparison to the well-performing altcoins, BTC has since fallen in price.
Despite Bitcoin's recent red candles, Michael Saylor, the chief executive of MicroStrategy, has gone against the grain and forecasted that trillions would go in Bitcoin. Saylor believes the sudden money flow into the major crypto giant will come when the securities and exchange commission (SEC) officially allows the Bitcoin exchange-traded funds.
Michael Saylor further explains that he believes that when the ETF is approved by the US SEC, this will push Bitcoin further into finally replacing the precious commodity, Gold. MicroStrategy is one of many companies that invest in Bitcoin; the business' current holdings contain more than 110,000 BTC, which brings the value to around $7 billion.
While Bitcoin has investors in a bullish perspective, even with the price drop, they turn their heads to watch the battle between Ethereum and Solana. Ethereum has climbed nearly 5% this week but catching up is SOL with price increases of around 20%.