Friday Bounce Brings Bitcoin Back On Track

Market Overview: Friday Bounce Brings Bitcoin Back On Track – Altcoins Bullish Too

Friday brought relief to the market as Bitcoin rallied over 4%. The bullish sentiment also brought gains for altcoins, which also enjoyed big gains.

After a turbulent week for the crypto market, things finally seemed to turn around on Friday. Thursday’s massive sell-off was greeted with green across the board on Friday.

Whether Bitcoin (to buy Bitcoin at eToro guide) or the Bitcoin Revolution majority of altcoins, all gained on Friday. Friday will be the first day in a week that Bitcoin could close bullish; after the last six days all ended with Bitcoin heading south.

Bitcoin’s price is currently resting around $54,900.

Big alts bounce with bitcoin

Unsurprisingly, along with Bitcoin’s rally on Friday, the rest of the market saw similar gains. The top 10 recovered somewhat after heavy losses on Thursday.

The most notable gainer on Friday was Cardano, up 9%, even overtaking Binance Coin. Theta Network was the only major coin to see red on Friday.

Not surprising as the project is up over 44% in the last 7 days.

Top 100: Biggest winners and losers

Friday was a welcome relief for the Top 100, the biggest loser on the day was indeed Theta Network (THETA). Its 2% price decline made it the worst performing asset in the Top 100, with only two other projects seeing red numbers.

The list of top gainers, on the other hand, was far more impressive. ANKR topped the list with a massive 42.8% price increase, while BTMX was close behind with a 38.3% price increase.

Total market capitalisation rises

The rise in prices across the board saw total market capitalisation rise by over 5% on Friday. While still off the high at $1.81 trillion, the market cap recovered from $1.5 trillion to over 1.65 trillion after the bullish day.

While bitcoin and altcoins seem to be climbing together, altcoins may soon be in the spotlight. This is due to the decline in Bitcoin dominance, which now stands at 60.73%.

Gold price „will suffer because of Bitcoin“ according to JP Morgan’s strategists

According to JP Morgan’s strategists, the price of gold is being undermined by Bitcoin.

Inflows into crypto funds and outflows of gold suggest a change in investor sentiment towards the emerging asset class.

JPMorgan is the latest in a series of major financial institutions to be optimistic about the BTC.

The Trust Project is an international consortium of media organizations based on transparency standards.

Strategists at JPMorgan Chase & Co. believe that Bitcoin will continue to eat away at the gold market in the years to come.

The increased interest in crypt funds appears to be coming at the expense of gold.
Investors are increasingly choosing BTC rather than the precious metal.

The recent increases in the price of cryptomoney seem to be due to diversification away from gold. Strategists at JPMorgan Chase & Co. believe the trend may continue as interest in this emerging asset class increases.

JPMorgan says #Gold will suffer for years because of #Bitcoin. The bank says investors‘ adoption of Bitcoin is just beginning. Gold ETFs are losing liquidity while Bitcoin funds are absorbing these flows.

Having served as currency for thousands of years, gold is already a well-established asset. Institutional investors, on the other hand, are just beginning to open up to digital currency, the famous crypto.

Quoted by Bloomberg, JPMorgan strategists have written that the adoption of BTC by institutions „is just beginning“. The investment bank calculated that large asset managers currently hold only 0.18% of their assets in crypto-currency.

For their part, gold ETFs account for 3.3% of the allocations of these asset management organizations. If the trend to switch from gold to Bitcoin continues, there seems to be plenty of room for the BTC, as the precious metal will probably no longer be in vogue.

The bank noted that investors have invested more than $2 billion in the Grayscale Bitcoin Trust since October. In contrast, about $7 billion has exited gold ETFs over the same period.

However, the strategists also noted that the cryptomoney market may have exhausted its short-term momentum. Conversely, the declining price of gold appears to be recovering somewhat.

The concept of „digital gold“ is gaining strength

This year, several influential financial institutions have welcomed Bitcoin as a legitimate part of a portfolio. In addition to JPMorgan’s turnaround of the BTC, Black Rock, Deutsche Bank, Goldman Sachs and Citibank have all expressed varying degrees of interest in digital currency.

Many of these recent converts believe that Bitcoin, with its limited offering, represents the equivalent of digital gold. Indeed, it is the scarcity of traditional assets that makes gold attractive as a safe haven.

Usually, these safe haven stocks do well in times of economic stress. The fiscal measures introduced following the coronavirus pandemic have shaken confidence in fiat currencies, encouraging investments to opt for harder forms of money.

The macroeconomic context already seems to have been beneficial for these two assets. Despite the recent declines, gold and Bitcoin are up by more than 21% and 155% respectively since the beginning of the year.