Goldman Sachs: Bitcoin on omaette varaklass Krüptomaailm on nagu internetibuumi ajastu kordus arileht.delfi.ee - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arileht.delfi.ee Daily Mail and Mail on Sunday newspapers.
Volatility in
Bitcoin (CRYPTO: BTC) is systematic to the network itself, Lee said.
Much of the recent volatility came from institutional traders on the short side of the Bitcoin trade, he said, adding that he believes many of those traders covered their short positions explaining the quick rise in Bitcoin this week.
What Happened: Recently, the cryptocurrency space underwent extreme volatility as Bitcoin and other popular cryptocurrencies sold off more than 50% from all-time highs before bouncing.
Although digital money is a new concept, the idea is logical in a digital economy, Lee said.
He told CNBC that he believes Bitcoin could still reach $100,000 by the end of 2021.
May 4, 2021 09:51 GMTForex Basics
Although Bitcoin is the best performing mainstream asset of 2020, beating out gold, stock indices, oil trading, and anything else, Ethereum has outperformed the leading cryptocurrency by market cap by a large margin.
Ethereum rallied from $130 to $490 in 2020 alone and remains up well over 180% year-to-date. Bitcoin, on the other hand, has just 60% ROI to show for the year. Ethereum’s added success was fueled by the momentum surrounding decentralized finance. Ethereum benefitted substantially as ETH gas fees soared due to DeFi tokens utilizing the ERC20 smart contract standard.
But DeFi has finally begun to cool off, and Bitcoin has already started to overtake Ethereum’s fundamental growth. Strong fundamentals in Bitcoin could soon cause the top cryptocurrency to “catch up” to Ethereum throughout the end of 2020, according to PrimeXBT analyst Kim Chua.
How Does Cryptocurrency Work – and Is It Safe? yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Why Bitcoin is the Leading Cryptocurrency sierraleonetimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sierraleonetimes.com Daily Mail and Mail on Sunday newspapers.