Ethereum has risen in price by more than 15%, and regulation of the crypto market has a positive impact on the attractiveness of bitcoin for investors
Ethereum has risen in price over 15% in 7 days
Ethereum is showing strong growth. According to Coinmarketcap, the price of ETH has risen to $1,414. Over the past day, the crypto coin has risen in price by 5%. The growth in 7 days was more than 15%.
The number of long-term investors able to lock in profits from the sale of ETH has grown to almost 100%, according to intotheblock.com. These are crypto owners who store their assets in over-the-counter wallets.
As noted by Mike Novogratz, CEO of Galaxy Digital, the next target of the altcoin may be the level of $2,600. NewsBTC website analyst Ayash Jindal believes that ETH may grow to $1,600. This is possible provided that Ethereum breaks the $1,500 mark. The level of $1,360 will prevent the collapse of the altcoin value, Jindal noted.
Regulation of the crypto market positively influenced the attractiveness of bitcoin for investors
SkyBridge Capital founder Anthony Scaramucci is confident that bitcoin as an asset has become much more attractive to investors. This happened after regulators began working to eliminate the risks associated with cryptocurrencies.
“Until recently, as an investment, bitcoin has had unique and pronounced risks, but that’s changing, with new rules and regulations that have spurred wider institutional adoption,” wrote Anthony Scaramucci and SkyBridge Capital President Brett Messing in a column for CNN.
Crypto enthusiasts believe that during a crisis, including an economic one, there is a “natural desire to invest in something tangible, such as gold.” However, the value of bitcoin lies precisely in its intangibility.
“You can always mine for more gold. Bitcoin is unique among assets as the first store of value in the world where supply is completely unaffected by increased demand,” entrepreneurs said.