Ethereum More Bullish than Bitcoin Right Now
Ethereum (ETH) gained 3.95% Monday morning, with Bitcoin (BTC) lagging behind with its 1.2% gain over the last 24 hours.
Ethereum shot up to $2,914 as the week commenced, with Bitcoin rising to $52.386 at press time.
Bitcoin has had an incredible month, gaining 27% over the past 30 days. That is why so many analysts are predicting it will reach a new all-time high later on this year. Indicators are positive for the coin, as it has strengthened since September of last year, staying bullish overall. What this demonstrates to investors is that Bitcoin is not going to die off anytime soon and has a strong future, which likely means a strong and vibrant future for cryptocurrency as well.
Ethereum is heating up too, as an in-demand crypto and the second highest ranking token on the charts. Ethereum has been bullish since late October, moving from $1,604 and gaining 81%. In that same period, Bitcoin gained 92%, however.
Expect a Vibrant Crypto Industry for 2024
The cryptocurrency market is looking healthy right now, with many of the major cryptos showing decent gains and enjoying greater investment than they did in 2023. Economic indicators are positive as well, with inflation rates holding, jobs increasing, unemployment decreasing, and GDP for many major countries ticking upward.
Most signs point to major economies slowly recovering from the previous few years of decline and recession. A few major economies have dipped into technical recessions, like Japan, but the global economy is in a much better place now than it was a couple years ago. Most indicators show it is getting better slowly.
What that means for the cryptocurrency industry is that people will have more money to invest in the market and will be less risk averse. Because crypto can be an uncertain investment, people will tend to shy away from it when times are tough financially. As inflation rates drop and economies improve, the crypto market will be a more tantalizing investment prospect.
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