Trillion-dollar crypto investment, which cryptos are the big beneficiaries?
There’s been a lot of bad news surrounding cryptocurrencies lately. Despite this, cryptocurrencies have recovered, and the overall market capitalization has remained steady above $1 trillion since the first week of August.
There’s also a lot of good news that might cause the cryptocurrency market as a whole to rise throughout the month.
BlackRock, one of the world’s largest investment firms, is looking to collaborate with Coinbase. The company with over $1 trillion in assets under management is attempting to establish a relationship with Coinbase.
The goal of the collaboration is to develop a platform through which institutional investors. Who are part of BlackRock’s client base can access the cryptocurrency market.
This is excellent news for the cryptocurrency market as a whole. But it also creates a great opportunity for several large-cap cryptocurrencies to surge in the coming month. Because big money generally focuses on large-cap cryptocurrencies.
If you’re looking to place a wager on large-cap cryptocurrencies, here are some you should consider throughout the month.
If the BlackRock news is good for the market, Ethereum (ETH) could rally in August. That is because, further to the market bulletin, several good things are happening around Ethereum presently.
There will be a big fork soon that will make Ethereum work differently. This is called Eth 2.0. In the meantime, Ethereum is still a good investment for institutional investors because it is more secure than other cryptocurrencies; like Bitcoin.
There is a great deal of enthusiasm surrounding Ethereum right now, as the system appears set to outpace Bitcoin in August.
The BlackRock announcement will have an impact on Cardano (ADA). One of the cryptocurrencies that may see its value rise as a result of the news. Cardano’s decentralized nature is one of the things that makes it appealing to investors.
Following the most recent high-profile cryptocurrency problems, decentralization is likely to take precedence in future cryptocurrency investment decisions.
Apart from its appeal to institutional money, the Cardano developer team has revealed several major modifications in the near term. This may also aid Cardano’s momentum in August.
Institutional cash is attracted to Bitcoin (BTC), which is the most popular cryptocurrency. As a result, now that BlackRock has entered the crypto sector, Bitcoin may reap large rewards. BTC has already demonstrated encouraging developments.
The cost of one Bitcoin has climbed to $22,600 recently, according to Coinbase. In August, it bounced back after dropping below $20k not long ago.
The fact that the majority of Bitcoin in circulation today has been removed from exchanges. Makes the number one cryptocurrency very illiquid
Because of this, if big investors like BlackRock get interested in Bitcoin, the value of Bitcoin might rise dramatically. Even a little purchase may send BTC to unanticipated heights during the month.
Other Altcoins that Could Benefit
Besides Ethereum, other top altcoins that could benefit from the BlackRock news include Bitcoin Cash (BCH), Litecoin (LTC), and Stellar (XLM). All these cryptocurrencies have a lot going on and have the potential to make big gains in August.
For instance, Bitcoin Cash is gearing up for a hard fork on November 15 that could result in two new coins. This could lead to more investors buying BCH to get their hands on the new assets.
Litecoin, on the other hand, has been doing very well lately and is now one of the best-performing cryptos of 2020. Stellar, meanwhile, is benefiting from increasing institutional interest and could see more inflows from large investors in the coming months.
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