No long-term bull market can be led by just one leader. In recent days, Bitcoin (BTC) and Ether (ETH) have shown the same high according to the data.
After all, what facts could explain the recent rise of these two dominant cryptos in the industry?
Why is Bitcoin on the rise?
The participation of institutional investors in the Bitcoin market – Believing that Bitcoin will be digital gold in the future, institutional investors tend to be more active in the Bitcoin market.
For example, Wall Street’s largest cryptocurrency investment firm, Grayscale Investments, is providing Bitcoin-linked funds. In the second quarter of this year, more than a dozen well-known Wall Street companies, including Ark Investment and Boston Private Wealth, disclosed their investments in the Grayscale Investment Bitcoin Trust to the SEC (United States Securities and Exchange Commission).
The participation of institutional investors has had a positive impact on the cryptocurrency market.
Advances in payment in cryptocurrencies – Unsurprisingly, thousands of stores around the world accept BTC as their payment currency. In addition, PayPal, a major payments company, launched its new cryptocurrency service to make it possible to buy and sell crypto last month. This was driven by the great demand for digital asset trading in the US and contributed to the increase in the price of Bitcoin.
Why is Ethereum on the rise?
Grayscale Ethereum Trust – The US SEC has approved the Grayscale Ethereum Trust (ETHE) as the first publicly listed ETH investment product in the country. This is great news as it means that investing in digital assets could be a new option for more traditional investors.
Ethereum 2.0 – Previously, 16,384 validators have transferred 524,288 Ether to the ETH 2.0 deposit agreement since its launch on November 4th. With this advance, investors have more confidence in Ethereum, promoting the growth of the ETH value.
As a writer, Richard is an advocate of blockchain technology and cryptocurrency in general. He writes about all things from cryptography to economics, with a focus on how it applies to cryptocurrencies. He is also passionate about writing about topics such as decentralization, open-sourced software development, and copyright law.
