Bitcoin and Ethereum: Big Ride to All-Time Highs!

Cryptocurrency hardly gets mentioned in the mainstream press until it makes a big price move, and then the pundits come out of the woodwork. They’ll claim to have been bullish on Bitcoin and Ethereum all along, but we’ve actually been recommending crypto for years and have the publications to prove it.

Just as importantly, we talked about Bitcoin and Ethereum when the prices were depressed and hardly anybody in the mainstream media was talking about it. That was the best time to buy cryptocurrency, though it required patience and a strong stomach.

The rewards were huge, and investors with guts are now enjoying the glory. Bitcoin bottomed out in late 2022 at $16,000 and change. It’s now threatening to break above the previous all-time high of around $69,000.

And let’s not overlook Ethereum, which might be considered the silver to Bitcoin’s gold. Lower in price and higher in volatility, Ethereum will often magnify Bitcoin’s price moves. This can happen in both directions, so Ethereum investors have to be prepared for a roller coaster ride at any given moment.

That’s not the only reason why Ethereum is like silver to Bitcoin’s gold. If silver is the more “useful” (industrial) metal compared to gold, then Ethereum may be considered to have more utility than Bitcoin. For example, altcoins are often built on the technology underlying Ethereum’s blockchain.

So, while Larry Fink might call Bitcoin “digital gold,” Ethereum could be characterized as digital silver. Of course, none of this implies that cryptocurrency could ever replace gold and silver as essential portfolio holdings. It’s just an analogy, and investors are certainly encouraged to explore both precious metals and crypto as inflation-resistant assets.

What all cryptocurrencies have in common is that they largely tend to follow the almighty Bitcoin. If Bitcoin is moving higher then altcoins tend to follow. At the moment, Ethereum and other digital assets are in rally mode as Bitcoin heads toward its all-time high.

What’s prompting the recent Bitcoin bid? Institutional investors, including financial whales like BlackRock and Fidelity, are getting into the crypto game. A handful of others, like Vanguard, have been reluctant to adopt cryptocurrency, but they’re probably regretting their hesitation now that crypto trading volumes are through the roof.

Thus, firms like BlackRock and Fidelity are already reaping the rewards for offering spot Bitcoin ETFs, which the SEC approved not long ago. This long-awaited event marked a watershed moment for crypto because it made it easier and more convenient for funds and individuals to invest money (albeit indirectly) into cryptocurrency.

Ark Invest CEO Cathie Wood predicted that the SEC’s spot Bitcoin ETF approvals will send the price of Bitcoin to $1.5 million by the year 2030. That’s certainly possible, though many investors are surely wondering what will happen to Bitcoin this year.

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    It shouldn’t be long before Bitcoin breaks through the $69,000 resistance level, and that’s when amateur traders will start chasing the price. This is typical behavior regardless of the asset; the smart money gets in early while knowing that the amateurs will follow them soon enough.

    Since Bitcoin just touched $68,000, it really won’t be long now until it’s knocking at $69,000’s door. Meanwhile, Ethereum is pushing its way through $3,800 and still has a way to go before reaching its prior all-time high of around $4,900.

    There’s actually room for Ethereum to rally faster than Bitcoin since Bitcoin already had its spot ETF approval and Ethereum is undoubtedly next in line. That’s not the only bullish event for cryptocurrency in 2024, though.

    There’s also the Bitcoin halving/“halvening” event, which is expected to take place in mid-April. Historically, the price of Bitcoin has tended to rally during halving events, in which the base reward for mining Bitcoin is reduced by 50%.

    Bitcoin halving events only happen around once every four years. If the market needs an excuse to push the price of Bitcoin up in 2024, this is as good a reason as any.

    Naturally, Ethereum will follow Bitcoin’s moves. The halving event, while not specifically pertaining to Ethereum, could easily catalyze its price and push it into the $4,000s. Given that Ethereum still has some overhead room before it revisits its all-time high, it’s certainly not “too late” to buy it now.

    We’ve been longtime believers in crypto, and it’s exciting to witness what’s being played out in the cryptocurrency space. In this context, as the hedge funds and professional traders know, buying value-added assets as they’re rising is a strategy that makes sense. Once the amateurs and price chasers rush in, you’ll hopefully already be positioned to profit from crypto’s big moment.

    Prosperous Regards,
    Kenneth Ameduri
    Chief Editor,

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