The crypto market just hit a new All-Time High (ATH) of $1.15Trillion dollars as a result of the current bull season. What marvels the crypto enthusiasts is that this has been the longest bull season in a very long time. Interestingly, it's being predicted not to end anytime soon.
All these fanfare is currently leading to the long awaited mass adoption of cryptocurrency as a means of business transactions by most countries of the world. It's currently the rave of the moment. It's actually amazing how what many thought was a scam is becoming more of a reality.
But what is actually pushing the current bull season?
Which crypto asset is actually dragging all these bulls by their horns up this crypto hill?
I know many would easily say it's Bitcoin (The number one cryptocurrency and the most valuable at that). But I don't think so.
Why?
Bitcoin has been kinda ranging in the past few weeks. After the time it hit an All-time high of $40k ,it actually had a very big downward trend of almost about 25% which caused many to think that the bear season was at hand.
Many crypto predictors and pundits even predicted a high probability of Bitcoin breaking all available support and crashing back down to $18k. It even needed the help of fundamentals to regain its upward movement when the Crypto puppeteer,Elon Musk tweeted Bitcoin on his Twitter handle. This made it recover and even pushed it to $38k (Where it is now building a resistance)
Yes! No doubt. All these surely influenced the entire crypto market (After all that's what Bitcoin does: Influencing the crypto market) but it's influence was more not-beneficial than beneficial to the crypto market within this last few weeks.
So what asset would you now say is dragging those bulls uphill?
Ethereum!! Definitely!!
But how?
The money flow in crypto have always had a biased direction and that is ; from Bitcoin to Ethereum and from Ethereum to other altcoins. This has always been the way. Let's say that this happened as usual and the money flowed from Bitcoin to Ethereum and down to altcoins, how can one best explain the current Ethereum bull run while Bitcoin resists at $38K?
Investors!!! Yes !! Massive investors influence!
It's no doubt that Ethereum is outperforming Bitcoin right now in the crypto market and this is simply based on the fact that more investors are now seeing Ethereum as the new store of value apart from its large pronounced utility features.
Over the last few days, the market volume of Ethereum increased to $44billion. It was also discovered by Bloqport that the number of whale Eth addresses holding upto 10,000 ETH hit a new 13-month high.
Bloqport also reported that 35 new whale Eth addresses were created. All these amounted to a whopping $447billion. This alone is enough money to drag those bulls uphill and control the entire crypto market
All these facts and figures are evident enough to proof that the recent Ethereum performance cannot be hinged on the normal biased crypto money flow from Bitcoin (Although it might have started it since last year). I think the investors are the main reason and one cannot categorically say where their money is flowing from.
Another reason to believe that Ethereum is the reason for the current altcoin bull season is that over a thousand crypto assets (If not more) are built on the Ethereum blockchain. These altcoins like LINK,Cardano etc are almost dependent on Ethereum for their performance although more investors like Grayscale are looking into investing in smaller altcoins like Cardano. They are increasing their crypto portfolio each day adding more prospective altcoins into their crypto trust.
We're currently looking into that future where Ethereum will surpass Bitcoin in becoming the next store of value and the leading cryptocurrency. We are also looking into the future of massive adoption of cryptocurrency as the legal tender for transactions in numerous countries of the world. That future is actually so bright and fair.
And then, that thing which looked so cryptic and scam-like would be so clear and real to the world.
Watch out for my next post on Five Reasons why Ethereum would be the next store of value.
Have a nice bullish weekend
Michaelo Out! ✌️🤪🤗
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