On Thursday, October 15, the price of bitcoin rises. At 09:30 Moscow time, the first cryptocurrency is trading at $ 11,402.69 (+ 0.06%), according to CoinMarketCap. Bitstamp BTC / USD Chart by TradingView Ether fell to $ 378.76 (-1.05%). XRP fell 2.59% to $ 0.25.
The FxPro analyst team notes: “Bitcoin remains in the phase of consolidation, having remained at the level of $ 11,400 over the last 24 hours. Despite the lack of movement over the past few days, the benchmark cryptocurrency grew by 7% over the week, and capitalization increased by $ 14 billion.
The current Bitcoin capitalization figures at Fidelity Investments are considered a drop in the ocean, suggesting that the first cryptocurrency could relatively easily show a capitalization of $ 500 billion if at least a small part of the 50 trillion bond market is directed towards the coin. The participation of institutional investors in the market will grow over time.
Until now, Bitcoin, even with its extreme volatility, is an asset that generates significant returns. Since the beginning of 2020, its price has increased by 58%. And after the March collapse, the coin was quickly bought off, which demonstrated the high unrealized purchasing potential of bitcoin in particular and the crypto market in general.
Now crypto market participants agree that the next bullish cycle will begin with a combination of significant growth in demand from institutions and retail hype in an effort to preserve and increase their savings against the backdrop of falling returns on traditional assets. "