The Biggest Crypto Cycle Ever Has Already Quietly Started After a Huge Bitcoin and Ethereum Price Rally

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BitcoinBTC and Ethereum have added $400 billion to their market caps so far this year, with one analyst already predicting bitcoin’s price peak.

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Last week, the price of bitcoin topped $30,000 per bitcoin for the first time since June, but has since fallen along with Ethereum despite Bank of America naming it a “key driver of digital asset adoption” that surpassed $1 billion last month.

Now, analysts at brokerage firm Bernstein have said that a new “crypto cycle” has already begun for the price of bitcoin and ethereum, although this has not been fully appreciated.

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It will be the “first crypto round to see participation from major institutional investors,” Bernstein strategists wrote in a report seen by Coindesk, featuring macro catalysts, a new bitcoin mining round and hardware upgrades. ‘Ethereum all contributing what they predict will create a new bull run in bitcoin and ethereum prices.

“The opportunity to build a new institutional financial stack on the blockchain remains a worthy goal, and serious participants remain focused on the long term,” the researchers added.

FTX’s sudden and surprise implosion late last year marked the end of what analysts called “toxic crypto leverage” and taught crypto traders the need for decentralization and self-custody wallets.

Meanwhile, this year’s banking crisis that triggered a wave of outflows to money market funds and so-called systemically important banks has raised concerns about the “centralization of money”.

“Any potential dislocation, whether on the credit side of banks or the sovereign side, perfectly positions bitcoin as a safe-haven asset alongside gold,” analysts Gautam Chhugani and Manas Agrawal wrote.

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MORE FORBESSurprise Bitcoin Easter Egg Fuels Wild Satoshi Nakamoto Identity TheoryBy Billy Bambrough low this year, sparking speculation the new bitcoin, ethereum and crypto price cycle may have begun.Forbes Digital AssetsFollow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics and business worldwide. As founding editor of Verdict.co.uk, I reported on how technology is changing business, political trends and the latest cultures and lifestyles. I have covered the rise of bitcoin and cryptocurrency since 2012 and traced its emergence as a niche technology in the greatest threat to the established financial system the world has ever seen and new technology the more important since the Internet itself. I’ve worked and written for CityAM, the Financial Times, and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally hold a small amount of bitcoin and other cryptocurrencies.

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