Over the last several days, Bitcoin (BTC) enjoyed a significant pop and recovery in price not witnessed since early 2018. Despite this, its market cap value is still nearly $200 billion under where it stood in December 2017. This was its all-time record high of $19,783.21. While the value significantly recovered by price, it still sits 58% lower than the nearly $20,000 record.
The kingpin crypto traded slightly higher than $8,400 Wednesday, per Coin Desk. Bitcoin is the original and still-dominant digital asset with an over 45% market share unrivaled by even the number two contender Ethereum (ETH). Some analysts have recently compared BTC to gold and ETH to silver (in the world of precious metals).
Uptick in Sentiment Boosts Bitcoin and Ethereum
The uptick in sentiment toward the two key cryptos Bitcoin and Ethereum began at the end of last week. This is when investment giant BlackRock announced that it was looking to get involved with blockchain and cryptocurrencies. BlackRock established a new working group to consider launching Bitcoin (and maybe other cryptocurrency) futures. They will also investigate somehow working with the blockchain technology sphere.
This means a significant boost for the crypto sector in general. Besides this, Mastercard announced it won a patent. This might empower people to pay for transactions in person and online through cryptos, utilizing a credit card. It could change the digital asset world forever if Mastercard pulls it off.
Proponents and Detractors Continue to Vie For Supremacy in the Crypto Debate
The subject of the cryptocurrencies continues to divide the world. Proponents and detractors are both militant in their opinions. CNBC recently held its Delivering Alpha Conference this past Wednesday.
One proponent of the cryptos, Barry Silvert of Digital Currency Group, announced that he will buy more Bitcoin. Silbert opined, “As an asset class it is here to stay. I’m 100 percent confident a decentralized, non-fiat form of money is here to stay.”
Meanwhile, the same conference also heard the opposing opinion of legendary billionaire investor Howard Marks. He fired off an attack on the cryptos. “In the long run, I think it will be shown not to have any substance,” Marks warned.
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