Bitcoin has hit record highs in recent days, surpassing $30,000 per digital coin. If we compare Satoshis to pennies, where one Satoshi equals 0.00000001 BTC, and is currently worth about $0.0003 then we could still see orders of magnitude in the value of this reserve currency of the crypto market. But that may not happen this year, and BTC is already showing signs of pulling back. With that in mind, ETH is on the rise. Although Ethereum finally broke $1,000, it still hasn’t hit it’s previous ATH of almost $1,400 in mid-January, 2018. Is it worth shifting focus from Bitcoin to Ethereum?
A Cause for Concern in the Meteoric Rise of BTC
HODLrs are true believers, and people who called them stupid are eating their words today. Yet, it is still important to consider the major factors influencing the price of Bitcoin. It’s true that the collapse of world economies, and stimulus checks are influential factors, but not necessarily in the way that you might think. Sometimes, influencing the right person at the right time can rock a market one way or another. In this case, it happens to be true.
In early December 2020, Eric Peters, the CEO of One River Asset Management bought up $600 million in cryptocurrencies, and has pledged to increase holdings in BTC and ETH to $1B in 2021. He was not alone. Alan Howard, the co-founder of Brevan Howard Asset Management is in on the action too. Now, go back and read that last sentence. Everybody has been focused on BTC, yet this whale also picked up a bunch of Ether.
ETH is up, But Hasn’t Hit its All Time High
Ethereum is hovering around $1,000. The ATH around January 14, 2018 was just under $1,400. That’s 40% potential upside without setting any new records. If BTC’s blast through its previous ceiling is an indicator, then ETH may be the next big play. Assuming that BTC has the possibility of crashing hard any day now, ETH could be a safer way to get in on the action before it’s too late, rather than risking the anxiety associated with FOMOing into BTC.
Keep watching those numbers, and remember, this is not financial advice. It’s just an observation of what has already happened.
Seymour Nunez is a contributing writer for Cash Tech News who enjoys writing about the intersection of blockchain technology and everyday life.
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