Will ETH Beat BTC? Are BTC ETFs Coming Shortly? Extreme Fear! Bitcoin Price (1 BTC) Has Neared $32K! BTC Gained 7% Yesterday, Ether Price (ETH/USD) Increased By 8.2% And Cardano Price (ADA/USD) Added 14.8% | FxPro

Will ETH Beat BTC? Are BTC ETFs Coming Shortly? Extreme Fear! Bitcoin Price (1 BTC) Has Neared $32K! BTC Gained 7% Yesterday, Ether Price (ETH/USD) Increased By 8.2% And Cardano Price (ADA/USD) Added 14.8% | FxPro

Bitcoin jumped 7% on Monday, ending the day at around $31.2K. On Tuesday morning, positive momentum persisted, with the rate climbing above $32.0K, a 20-day high.

Ethereum added 8.2%, while other top-ten altcoins gained between 4.9% (BNB) and 14.8% (Cardano). The total capitalisation of the crypto market, according to CoinMarketCap, rose 4.3% overnight to $1.31 trillion, with the Bitcoin Dominance Index rising 0.1 points to 46%. The Cryptocurrency Fear and Greed Index was up 6 points to 16 by Tuesday but still in “extreme fear”.

Bitcoin Price Chart | 1 BTC To USD

Long-term?

Due to the US bank holiday, markets were minimally active on Monday, but the momentum was on the plus side. The emerging rebound from the bottom may be self-sustaining at first, as many market participants believe that the crypto market has corrected enough to become attractive for long-term buying.

Bank Of America And Crypto

However, fundamentals such as halving, soft monetary policy or accelerated adoption are needed for growth to continue. But the latter is not easy right now. Bank of America CEO Brian Moynihan has stated that the bank has no plans to introduce cryptocurrencies in the foreseeable future because the industry is too strictly regulated.

After the Terra project collapsed, CFTC Commissioner Caroline Pham compared investing in crypto-assets to buying lottery tickets, which can be expected to both win and lose.

ETH With Bigger Market Capitalisation Than Bitcoin?

Real Vision CEO Raoul Pal reiterated that in the long term, Ethereum, the leading smart contracts platform, will surpass bitcoin in terms of market capitalisation, trading volume and number of active wallets. SkyBridge Capital founder Anthony Scaramucci noted the interest of large investors in spot bitcoin ETFs and suggested they could be launched as early as this year.

Payments service MoneyGram plans to launch Stablecoin transfer services in partnership with Stellar.

Alex Kuptsikevich

Alex Kuptsikevich

Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.