The market is still far from the end of the current growth cycle, although altcoins are already overbought, analysts believe. They named the best investment option in the field of digital money at the moment.
After breaking the mark of $50 thousand, the value of bitcoin continued to grow and has already updated the historical maximum above $52.8 thousand.
The growth of the exchange rate occurs as large companies show interest in the cryptocurrency. In early February, the purchase of bitcoin for $1.5 billion was announced by the manufacturer of electric cars Tesla. MicroStrategy, the largest holder of cryptocurrencies among public companies, also wanted to replenish the investment portfolio with bitcoins. Initially, it was about investing $600 million, but later the company decided to increase the investment by 50%.
Large investors have just started entering the crypto market.
Interest in cryptocurrencies will grow more among institutional investors than among "real business", suggests the analyst of the UTEX exchange Fedor Anashchenkov. According to him, the decision of Tesla should be considered as a particular example, since for business, storing capital in cryptocurrencies is an "unacceptable risk". The intention to add cryptocurrency to their portfolios was also expressed by the American investment company Bridgewater Associates. Banks have already started to create a suitable infrastructure for cryptocurrency holders. The largest investment fund BlackRock has announced a serious interest in the main digital coin. It is possible that the fund will soon create a separate division that will be engaged in investing directly in cryptocurrencies, the financial analyst of the crypto exchange suggested Currency.com Mikhail Karkhalev.
According to Anisenkov, bitcoin has growth potential with a short-term correction of 5-10%. But altcoins in the near future should enter a protracted correction, as it turned out to be too overbought due to the growth of the main digital coin, according to an analyst at UTEX.
The same position is held by Mikhail Karkhalev, who believes that the market is still far from the peak of the current growth cycle. According to him, the best option for investment is bitcoin, but you need to remember about the risks and be sure to hedge them. To do this, you can use futures, options, and leverage.
"I would not expect a correction now, in my opinion it will not be earlier than after reaching $60 thousand, perhaps $65 thousand. From these levels, it is possible to decrease to $50 thousand and even lower, to $42 thousand, after which the growth will gradually begin to recover, " the analyst added. Currency.com.
Analysts Karkhalev and Anashchenkov agreed that the most important event in the cryptocurrency market in the short term is the direct listing of Coinbase shares on the NASDAQ exchange, bypassing the IPO procedure. Previously, it was Coinbase that helped Tesla and MicroStrategy invest in bitcoin. According to the analyst Currency.com after the placement of shares on the stock exchange, Coinbase will no longer be just reliable, but also public and transparent. This will attract investors, including corporate and institutional ones. UTEX analyst recommended to closely monitor developments around Coinbase shares, as this will be an important signal for the financial world.
The analytical company Arcane Research has already estimated the capitalization of Coinbase at $92.2 billion, based on the value of crypto exchange stock futures. Earlier, Viktor Pershikov, a leading analyst at 8848 Invest, did not rule out that bitcoin will soon go on a correction due to the ratio of the volumes of buyers and sellers on the futures crypto platforms.
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