Biggest ever ‘Crypto Cycle’ has already quietly begun after a huge price rally for Bitcoin and Ethereum
BitcoinBTC and ethereum have added a combined $400 billion to their market caps so far this year, with one analyst already predicting the bitcoin price peak.
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The price of bitcoin last week topped $30,000 per bitcoin for the first time since June, but has since fallen back along with ethereum despite what Bank of America called a surprise “key driver of digital asset adoption” passing $1 billion in value last month.
Now analysts with brokerage firm Bernstein have said that a new “crypto cycle” has already begun for the price of bitcoin and ethereum – although this has not been fully appreciated.
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This will be the “first crypto cycle that will see participation from leading institutional investors,” Bernstein strategists wrote in a report seen by Coindeskwith macro catalysts, a new bitcoin mining cycle and ethereum upgrades all contributing to what they predict will create a new bitcoin and ethereum price course.
In March, two of the world’s largest financial institutions with a combined $14 trillion in assets under management quietly began laying the groundwork for the next bitcoin, ethereum and crypto price cycle.
Following ethereum’s much-anticipated upgrade last week, ethereum co-founder and project spiritual leader Vitalik Buterin issued a stark warning about the future of the network that he said needs to be addressed before the next bitcoin, ethereum and cryptocurrency exchange rate.
“The opportunity to build a new institutional financial stack on the blockchain remains a worthy goal, and serious participants remain focused on the long term,” the researchers added.
FTX’s sudden and surprising implosion late last year signaled the end of what analysts called “toxic crypto influence” and taught crypto traders the need for decentralization and self-custodial wallets.
Meanwhile, this year’s banking crisis, which triggered a wave of outflows towards money market funds and so-called systemically important banks, has raised concerns about “centralization of money”.
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“Any potential dislocation, whether on the bank credit side or on the sovereign side … perfectly positions bitcoin as a safe haven alongside gold,” analysts Gautam Chhugani and Manas Agrawal wrote, adding to a Bernstein report earlier this month that said it is “irrational” to like gold and dislike bitcoin at this point in the macro cycle.
Earlier this month, JPMorgan analysts said the banking turmoil vindicated many bitcoin, ethereum and crypto believers — and issued a bullish bitcoin price prediction as a “hedge against a catastrophic scenario.”
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