We’ve been experiencing some bearish days in the crypto market, with Bitcoin (BTC) decreasing from $20,000. High inflation worldwide and other financial issues in several countries may be responsible for it —not to mention the war in Ukraine. Fortunately, this week is starting bullish for cryptos.
Bitcoin gained around 2% in the last 24 hours, while the whole cryptocurrency market cap is increasing by 1% in the same period [CMC]. Some bullish signs may be behind this small growth for cryptos. Amid the financial chaos worldwide, digital assets are now competing with the USD as the best-performing asset since the end of June, as calculated by Bloomberg.
Retail investors are probably holding more digital assets as well since the deposits to custodial crypto exchanges dropped to 2020 lows [Glassnode]. Back then, a huge bullish trend followed. Another evidence of that is a recent report by VoucherCodes, which discovered that around 34% of British citizens are holding cryptocurrencies now, in the hopes to protect themselves from inflation. Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Chainlink (LINK) are the most popular among those users.
D'autre part, institutional investors are eyeing Bitcoin for their products. Selon Wall Street Journal, the investment giant Fidelity is considering including the first cryptocurrency in their 34 million brokerage accounts, while the firm BlackRock already did that. Additionally, Bitcoin interest increased on social media last weekend.
For Michael Saylor, CEO of MicroStrategy (the largest institutional BTC investor), Bitcoin could reach a market capitalization of around $10 trillion, securing a price of $500,000 per coin in the next years. He’s not alone in this opinion. Other experts and analysts have shared similar predictions in the past.
More bullish cryptos
Beyond Bitcoin, some other cryptos actually had a bullish week already. In that period, for instance, XRP increased by over 31% [CMC]. This has to do, again, with the legal battle fought by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs since 2020. Just recently, the crypto company introduced a motion to end these proceedings by December, and it was accordé by the court.
The last movement implies that the court may take a decision about the case without a trial, using only the available data. That could benefit Ripple Labs (and XRP) in the end, but we’ll have to wait and see. The U.S. SEC has been inflexible against cryptocurrencies, and it has even threatened to regulate the new PoS Ethereum as a security.
Other bullish coins during the last week include Maker (+12%), Uniswap (+9%), Chainlink (+8%), Zcash (+6%), Dogecoin (+5%), Solana (+4%), and Monero (+3%). This may not be the end of the bearish market, though.
Vector Image by fullvector / Freepik
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