BTC and ETH continue to rise
Bitcoin is back at more than 50,000 euros, Ethereum creates new all-time high! The start of the weekend is good for crypto investors. After a slump that saw Bitcoin drop below the 50,000 euro ($60,000) mark, the world’s most popular crypto asset is back and chasing its own all-time high, which is 51,800 euros and within reach again. The overall market is of course doing well, and so very many other cryptocurrencies are also in part significantly in the plus.
After BTC fell this week as reported well below the mark of 50,000 euros, the green candles in the charts are back. The market capitalization of Bitcoin is heading towards the 1 trillion euros, but the current 950 billion euros is also a new record value. Mining is constantly creating new coins that raise the market cap to new heights, even if BTC itself is not at an all-time high.
The market cap of all crypto assets combined has also reached a new all-time high of 1.728 trillion euros ($2.056 trillion). In the meantime, it went down this week, but the market is still going strong and has managed to rebound after a few weaker days.
Ethereum at more than 1,800 euros
Ethereum, the perennial number two in the market, made a new all-time high in the morning hours of Saturday, briefly trading at 1,846 euros ($2,197). Already in recent days, analysts have repeatedly pointed to the strength of ETH, showing that the token has stronger growth than market leader Bitcoin. Ethereum’s market capitalization has also landed at a new high of 212 billion euros.
Several other altcoins are also showing new strength after some hard drops in recent days and weeks. Foremost among them is Binance Coin (BNB), which is now trading at more than 400 euros per token and has shown growth of 40 percent in the past seven days. With a market capitalization of 62 billion euros, BNB has clearly outpaced some competitors such as Cardano (ADA) and Polkadot (DOT) with market caps of around 33 billion euros each.
- And let’s not forget: XRP is back, and stronger than ever before.
- XRP tokens are currently being bought around prices of almost one euro – that’s how much was last paid for the asset in February 2018, when the initial crypto boom was dying down.
- The SEC lawsuit accusing Ripple of selling XRP without permission has only hurt the token in the meantime.
- In the meantime, the price is significantly stronger than before the lawsuit filed by the powerful US authority shortly before Christmas 2020.
Risks in crypto investing
When asked by The Street if there is something readers should know about cryptos that isn’t really being talked about, CoinGecko COO Bobby Ong suggests that people, aren’t accurately pointing out the risks associated with the crypto space – “especially now that a lot of retail investors are entering the market.” Currently, many people seem fascinated by the rally and the gains others have been able to generate from it, but there is a lack of insight into what happens when something goes wrong, he said. “The crypto space is not just a place to make quick profits, as a lot of research and due diligence is required before getting in,” Ong said. The CoinGecko COO therefore advises investors not to just rely on hearsay, but to take time to read the relevant whitepapers before buying cryptocurrencies, for example, and offers the important advice: “Don’t put money you don’t want to lose into crypto.”