The companies in the cryptocurrency industry listed on stock exchanges represent a value close to USD 100 billion. While the Ethereum cryptocurrency Ether (ETH) approached its all-time high of USD 4,362, Bitcoin has remained around USD 50,000.
The price of Bitcoin (BTC) reached a 13.4% appreciation in August, completing two consecutive months of a rally. The pioneering cryptocurrency has advanced by 35% in the last two months and is now trying to break the psychological barrier of USD 50,000.
Reports from various cryptocurrency market analytics firms agree that investors are preparing for a rise in prices.
Concerning Bitcoin and Ethereum’s cryptocurrency Ether (ETH), there is a growing decline in the transfer of young coins, according to Glassnode. That behavior could mean an increase in the accumulation of those cryptocurrencies.
Daily Bitcoin and Ethereum transactions have declined by 37% and 27%, respectively, the report states. In the case of fees, the two networks show opposite behaviors. Their cost has risen on Ethereum due to the momentum of non-fungible tokens (NFT), while it has decreased on Bitcoin.
The Price of Bitcoin Heads for USD 60,000
Renowned analyst Willy Woo recently said that new data points to a consolidation of the price of Bitcoin around USD 50,000. A clear breakout from that level could allow the value of the cryptocurrency to reach USD 60,000, he noted.
The market expects the current cycle of Bitcoin to end this year, but Woo stated that the cryptocurrency would continue to rise in 2022. If that prediction comes true, there would be a break of the 4-year cycle pattern in the evolution of the price of Bitcoin.
In his last newsletter, Woo highlighted that the price of Bitcoin could experience a new rise sooner than expected. The analyst said that the expected price action would be a bullish breakout preceding a significant movement towards USD 60,000.
The Value of Companies in the Cryptocurrency Industry Almost Reaches USD 100,000 Million
Companies in the Bitcoin and other cryptocurrency industry listed on stock exchanges represent USD 94,547 million. Those firms include mining farms, exchange platforms, and manufacturers of mining equipment and specialized hardware devices.
Coinbase, Marathon, Silvergate, Canaan, Ebang, and Northern Data are some of the best-known Bitcoin companies. After going public on Nasdaq in April, the first has a market capitalization of about USD 72.4 billion.
The Long-awaited All-Time Highs for BTC and ETH
In the last week, the price of BTC moved around USD 50,000, while that of ETH again exceeded USD 4,000. In that way, the Ethereum cryptocurrency approached the all-time high of USD 4,362 it reached on May 12th. For its part, BTC is further away from the long-awaited goal of USD 64,656. Before hitting a new all-time high, it must exceed USD 53,000to then reach above USD 1 trillion in market capitalization.
Comparing Ethereum’s Performance to Bitcoin’s
Bitcoin still dominates the cryptocurrency market regarding its market capitalization. However, Ethereum has grown through decentralized finance (DeFi) apps and non-fungible tokens (NFT).
The growth of DeFi and NFTs suggests that the total locked value on DeFi platforms could reach USD 100 billion. At the same time, the amounts in different apps have risen to 7.8 million ETH and 202,700 BTC, including wBTC.
By Alexander Salazar