This is an optimal boom season in the cryptocurrency markets as prices of both Bitcoin and Ethereum continue on their surge. According to the latest metrics, yesterday was another green day for the stock market. Analysts explain that the crypto market is advancing in tandem with the ups and downs of the financial or stock market.
Global Bitcoin and Ethereum markets have seen a rise of 5.6% within the past 24 hours. The current market caps at $1.3 trillion and continues in the upwards journey. Investors note that this is the fourth straight day of crypto market capitalization in the trillion-dollar milestone.
The major cryptocurrency that has been behind the entire push is BTC that made a 4.7% gain. BTC had reached its peak value of $40,000 just 27 days ago. Currently, it is valued at $38,000. Analysts note that another 7% gain for this cryptocurrency will take to its next record high.
Analysts Fear Bitcoin Or Ethereum Will Turn Into Hollow Stocks
But before that day comes, analysts are increasingly becoming more skeptical. Investors fear that Bitcoin and ETH might reach new highs but there is the fear of these digital assets being overbought. Market Milk recently reported that there is a possibility of these two leading cryptocurrencies to face major corrections before they reach their new highs.
As these digital currencies rise up the ladder, more and more investors are asking the question, is there room for more growth in these cryptocurrencies or the price hike is a consequence of good-old market tactics?
The GameStop frenzy has been a triggering point in the minds of investors. They are returning to the question of valuable “fundamentals” in an asset rather than hollow pumping up of prices. This means that investors are starting to look at the core metrics that will lead to the boom of different assets in the future rather than short squeezing of stock prices.