Bitcoin and Ethereum hit new all-time highs

At the end of April 13, the two largest cryptocurrencies by capitalization, bitcoin and Ethereum, renewed their previous records, reaching the level of $63,500 and $2,23,000 respectively its all-time highs. One of the key drivers of growth remains the interest in digital assets on the part of institutional investors. In this case, the rise in bitcoin and Ethereum prices happened on the eve of the IPO of the largest American cryptocurrency exchange – Coinbase. On April 14, the site opens the possibility of direct purchase of its shares on NASDAQ.

Analysts draw attention to the great potential for further growth in the price of bitcoin. If we talk about the state of the real supply of these digital assets, following the trend of reducing their stock on cryptocurrency exchanges, there is a decrease in the flow of such assets and on decentralized trading platforms.

This trend, together with the trend of an increasing number of digital addresses that continue to accumulate more and more bitcoins, makes a further rise in the price of the No. 1 cryptocurrency possible. In the case of Ethereum, the background factor for the digital asset’s positive outlook is the further development of the decentralized finance (DeFi) ecosystem.

Meanwhile, not all analysts are confident that bitcoin and Ethereum will appreciate all-time highs. As trader Peter Brandt, who has spent most of his professional life trading on Wall Street, notes, he is used to reacting quickly to changes that occur in the investment asset market.

Moreover, even though Wall Street companies such as Tesla, Square, and MicroStrategy have invested some of their money in bitcoin, there is still a fair amount of skepticism about bitcoin among portfolio managers. At least the results of a survey released by Bank of America indicate that 74% of investment fund managers surveyed view bitcoin as a financial bubble.