Bitcoin Is the New Gold, Says Bank of America Analysts By CoinQuora
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© Reuters. Bank of America Analysts Say Bitcoin is The New Gold- Bank of America (NYSE) shows interest in cryptocurrency.
- Wall Street’s banking giant Wall Street says that the crypto market cannot be ignored.
- May reach $60,000 in a single month
It is impossible to ignore the crypto market. Organizations, governments and individuals have been left dazed by the recent crypto buzz. The global cryptocurrency market cap is $2.14 trillion. Thus, America’s Wall Street banking giant — Bank of America, recently expressed their impression of the latest Bitcoin trend.
According to the bank, they had been following the cryptocurrency market’s development for many years. According to their observation, the market for digital assets has been maturing rapidly.
The market is too big for banks to ignore. In a new research report by the bank, the renowned banking giant called blockchain ‘the most exciting new market in years’.
Affirming their stance, the bank’s analyst, Alkesh Shah says,
Crypto-based digital asset could be a completely new type of asset. Although Bitcoin’s market value is $900bn and it is highly valuable, the digital asset community is much larger.
Additionally, although Bitcoin was originally intended to be money the analyst realized that it could be viewed as digital gold due to the positive turning of events. Altcoins, such as, gained popularity over the years.
“Bitcoin volatility is still high at nearly 70% annualized volatility; however, it is showing signs of maturing from when it breached 300% in 2013,” the analysts say.
Speaking on Bitcoin and Ether futures volume, the bank’s analysts continue;
The digital asset market structure has matured, with Bitcoin futures volume at $1.7th (+304% year-over-year) and Ether futures volumes at $953bn (+471% year-over-year) in August.
Bitcoin and Ethereum Price Action
Bitcoin’s market capitalization has surpassed $969.56 trillion dollars. Bitcoin traded at $51,523.84, up 4.50% over the 24 hours. Ethereum, on the other hand is trading at $3.491.43, with a 3.04% increase in price.
Bitcoin could possibly reach $60,000 if it continues its upward trend.
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