A team of JPMorgan strategists led by market strategist Nikolaos Panigirtzoglou said that the Bitcoin network’s market value increased by about $700 billion over the last five months despite an institutional capital inflow of only $11 billion.
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Markets Report: Bitcoin hits $50,000 as Pal heralds ‘only chance people have’
The last outpost of the $40,000s dissipates on Tuesday with momentum clearly visible for a takedown of new levels
After several attempts to leave the $40,000 trading corridor, Bitcoin saw rejection as the spot market hit around $49,780. Futures still managed to breach the $50,000 mark before a correction set in, that in itself lasting only hours before a final push sent the market to a peak of $50,600.
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Investor Raoul Pal says Bitcoin is "destroying all other assets in the world" (Photo: Digital Cayman)Bitcoin is ‘basically eating the world’: Renowned investor Raoul Pal
The Real Vision founder said that Bitcoin is attracting so much attention he has ‘become irresponsibly long’ BTC, ETH, and a few other cryptos
“Bitcoin is destroying all other assets in the world, and I have never seen this before in my career where an asset has drawn the attention of the likes of Elon Musk and mainstream institutions like no other asset," Pal said. Compared to gold, he added, Bitcoin’s “fixed supply along with its scarcity and its behavioral incentive explains its growth.”
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ETH can hit $20K and overtake BTC’s market cap, Raoul Pal predicts
The Real Vision CEO revealed that he is planning to double his ETH allocation—and believes that Ether’s price is following the same trajectory as Bitcoin’s did
Pal also believes Ether has the potential to have a larger market cap than Bitcoin over time. But with a market cap of just $143 billion, the blockchain that brought us initial coin offerings, non-fungible tokens and decentralized finance will have its work cut out to leapfrog BTC’s $570 billion valuation.
