© Reuters. Bitcoin Is the New Gold, Says Bank of America Analysts
- Bank of America (NYSE:) indicates interest in cryptocurrency.
- The Wall Street banking giant says the crypto market is too large to ignore.
- may hit $60,000 this month.
The crypto industry can no longer be ignored. The recent buzz, the global crypto market cap of $2.14 trillion has left organizations, governments, and individuals dazed. Thus, America’s Wall Street banking giant — Bank of America, recently expressed their impression of the latest Bitcoin trend.
The bank disclosed that for some years they have been watching the crypto market evolve. Stating their observations, they claimed that the digital asset market has shown signs of maturing greatly.
Thus, the market has become too huge for them to ignore. In a new research report by the bank, the renowned banking giant called blockchain ‘the most exciting new market in years’.
Affirming their stance, the bank’s analyst, Alkesh Shah says,
We believe crypto-based digital assets could form an entirely new asset class. Bitcoin is important with a market value of $900bn, but the digital asset ecosystem is so much more.
Further, the analyst recognized that Bitcoin was designed to be money, but, the positive turn of events has now made it to be seen as digital gold. Whilst, altcoins like , , have gained traction in the last few years of their emergence.
“Bitcoin volatility is still high at nearly 70% annualized volatility; however, it is showing signs of maturing from when it breached 300% in 2013,” the analysts say.
Speaking on Bitcoin and Ether futures volume, the bank’s analysts continue;
Digital asset market structure matured with Bitcoin futures volume reaching $1.7th (+304% y/y) and Ether futures volumes reaching $953bn (+471% y/y) in August.
Bitcoin and Ethereum Price Action
Bitcoin has amassed an over $969.56 billion dollars market cap. At the time of writing, Bitcoin is trading at $51,523.84, gaining over 4.50% in the last 24 hours. On the other hand, Ethereum is trading at $3, 491.43 with a 3.04% gain in price.
In conclusion, if Bitcoin continues this upward trend, its price may possibly hit $60,000 this month.
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