Bitcoin and Ethereum have fallen from their recent highs in 2021, but compared to their traditional counterparts in the market, they have shown more resilience during the recent royal macro beating.
This is why a top economist and investor says this is incredibly optimistic for the two giant cryptocurrency assets.
Royal Macro Beating cannot turn off bullish Bitcoin and Ethereum
This week, the stock market plummeted, and precious metals saw a sharp sell-off as the macro environment remains uncomfortable worldwideBut somehow, in the midst of a “royal macro beating,” Ethereum and Bitcoin have held up relatively well.
Economist and trader Alex Kruger says resilience is “bullish” for Bitcoin and Ethereum. The two top cryptocurrency assets have now been on an upward trend for a full year, and the recent macro jitters were the first major bump since then.
Bitcoin exploded from lows around $ 4,000 to $ 58,000 each mint on the high, while Ethereum fell below $ 100 and has since risen to $ 2,000. However, the over 10x rise may be nowhere near the finish line, and holding up so well here could be the catalyst driving the cryptocurrencies higher through the resistance level.
Ethereum and Bitcoin have held up extremely well compared to the S&P 500 and gold. | ETHUSD on TradingView.com
The Changing of the Guard to Crypto is underway
The stock market is on thin ice, and precious metals cannot be upgraded or updated, and will have limited use in the future as a store of value in comparison to cryptocurrencies
The digital gold story has worked and the steepness of the gold wave above shows how effective the story has been. Crypto prices hold up so well as gold plummets, allowing even more capital from metals to flow into the scarce digital asset.
Taking profit in the overheated stock market will want to follow the money, where the grass is greener and profits are consistent. If that place is the crypto market, then the funnel gates of capital could finally come, helping to push Bitcoin towards prices of hundreds of thousands of dollars per year. mint, and tens of thousands of dollars per Ether.
Emerging technologies are only now coming into their own as financial assets, and institutional investors are beginning to recognize the shift from traditional assets to digital assets, and those that were early have been the most profitable.
Will Bitcoin and Ethereum hold up well, or will they eventually succumb to the ongoing macroeconomic defeat currently underway in the markets?
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