Check out what's up with Bitcoin, Ethereum, Ripple, and other Altcoins today.
Bitcoin has been following an Ascending Channel formation pattern. It has been showing signs of a retracement move today as it is testing the support trendline.
A convergence of the Ascending Channel's support trendline and the descending one has been doubling another channel's formation strength. Also adding to its strength is the divergence between the cryptocurrency's rising volume and declining price.
All these have been cushioning the bitcoin from bearish attacks and have made it technically bullish. A financial firm, Massachusetts Mutual Life Insurance Co., has said that it bought 100 million US dollars worth of Bitcoin units for its general investment account.
This move by the 156-year-old firm that manages nearly $235 billion worth of assets shows Bitcoin's growth in traditional financial firms.
There has been an increase in the number of whales holding ripples (XRP) accounts has increased since November. The amount of XRP accounts that hold more than 10 million tokens ( whales ) has hit a new all-time high of 339.
This outcome is likely because of the Flare Networks' token airdrop expected to take place on Saturday. Ripple founder Jed McCaleb is banned from taking part in the token claiming.
Raoul Pal, Global Macro Investor CEO, and well-known investor, has given reasons why he thinks that Ethereum may well exceed Bitcoin in terms of market capitalization in the future.
He made statements on Twitter today where he started by saying that if Bitcoin is the new digital collateral, the global government bond market's size is $123 trillion. It could be a "pretty amazing opportunity for Bitcoin."
Then he said, "Almost no one in crypto understands the size of financial markets. It is never going to be a winner takes all. It is near impossible as each blockchain has its limitations and trade-offs, and that suits the complexity of the financial world."
He further stated that money and collateral is just the base layer, and everything builds on top. The store of value is collateral, the trust layer and exchange of value is more prominent, and this is Ethereum, he stated. The vents were bullish for ethereum, which could do well in the future.
In conclusion, though the prices of cryptocurrency fluctuate, there is still a bullish pattern visible, giving rise to the hope that it will soon increase in price.
Do you agree with Raoul Pal's prediction? What's your take on the global bond market?
