16.08.202117:29 Forex-elemzések és áttekintések: Bitcoin and Ethereum: Hype is growing every day

The cryptocurrency market feels great, almost everything is growing. At this moment, there is an influx of fresh blood to the market, but it is just beginning.

History has proven many times that hamsters* (newcomers to the market*) begin to move only when the price is already above reasonable limits. Now the BTC and ETH quotes are not yet at their highs, but with potential, everything can play out quickly.

The information background continues to feed the market with positive emotions. According to the SEC report, institutional investors continue to increase investments in the Grayscale Bitcoin Investment Trust cryptocurrency fund, through the purchase of its shares.

• Asset manager Ancora Advisors announced the purchase of 13,945 shares of Grayscale's Bitcoin Investment Trust. Ancora is a $9.4 billion company under management.

• Boston Private Wealth, a wealth management company, acquired 88,189 shares of the fund on March 31, but following the latest statistics, their volume increased to 103,469 shares of Grayscale Investments.

• Parkwood increased its shareholding in the fund from 93,000 to 125,000.

• Financial company Clear Perspective Advisors disclosed direct ownership of 7,790 shares of the fund.

The big players DIDN'T DOUBT for a second that digital assets are still trending.

In turn, JPMorgan in a recent report noted clear signs of demand for cryptocurrencies from institutional investors, as well as increased activity of exchange advisors, which accelerated the growth of the crypto market to current levels.

Let me remind you that back in 2017, the head of JPMorgan called Bitcoin a bubble and promised to fire any employee who would trade cryptocurrencies. In 2021, JPMorgan became the first major bank in the United States to offer clients massive access to crypto funds.

The cherry on the cake was the news that the world's largest retail chain Walmart is actively looking for a cryptocurrency specialist. The manager will have to manage the digital currency strategy for Walmart and look for strategic partnerships related to cryptocurrencies.

Let me remind you that just recently Amazon came out with a similar initiative, which, however, announced that it would not accept cryptocurrencies for now.

Adaptation, change of mindset, and vision are encouraging the crypto industry to strengthen its position in the world of finance.

What is happening on Bitcoin and Ethereum trading charts?

Bitcoin quotes not only managed to consolidate above the resistance level of $42,000-$43,000, but it also continued to grow, eventually touching the price level of $48,000. The desire of buyers to restore the rate of the first cryptocurrency relative to the decline in May can be seen with the naked eye.

Now, the psychological level of $50,000 is standing in the way of buyers, its breakdown is possible in the near future. It is unlikely that this level will put pressure on buyers.

Ethereum is strengthening its position following bitcoin. The level of $3,500 is already on the doorstep and, possibly, within a few days, it will be broken by market participants. All this suggests that HYPE is growing very quickly, but this is not the limit of what is possible. Thus, we are preparing for the renewal of historical highs, possibly by fall.