“Trillions of Dollars” – Bitcoin Braces for Massive Earthquake as Ethereum, BNB Price Rise from Binance, Solana, Cardano and XRP

Bitcoin and cryptocurrency prices have soared over the past month, with the cryptocurrency market collectively rising towards $3 trillion, with Ethereum, BNB, Solana, Cardano, and XRP achieving double-digit gains.

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The price of bitcoin has surged from around $45,000 per bitcoin in early October to an all-time high of $67,000 late last month, in part due to the launch of the first US bitcoin futures trading funds (ETFs). Bitcoin has been falling recently — despite massive new price targets even as Ethereum and its smaller rivals reach new heights.

Now, bullish bitcoin buyer Michael Saylor has predicted that “trillions of dollars” will flow into bitcoin once the US regulator approves an entire bitcoin ETF — helping bitcoin replace gold and become the primary asset index for the Western world.

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More Forbes Crypto Price Prediction: Bitcoin Could Reach $100,000 Before End of 2021 – But It Lacks Ethereum ‘Density’

The price of Bitcoin soared during 2021 but much of the cryptocurrency market’s gains came from… [+] ethereum, BNB, cardano, solana and XRP from Binance.

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“To do that, you need Instant ETF,” said Saylor, CEO of business intelligence software company MicroStrategy, speaking this week at the Bloomberg Financial Innovation Summit. “And once these exchange-traded funds come out, I think you’ll see billions, then tens of billions, then hundreds of billions, and then trillions of dollars flowing into them.”

Over the past year, Saylor has turned Microstrategy into a Bitcoin acquisition tool, buying more than 110,000 Bitcoins. The company’s bitcoin holdings are valued at around $7 billion, making up nearly all of MicroStrategy’s $8 billion market capitalization.

Saylor said he expects the US spot bitcoin ETF to serve as an institutional platform for investors who want exposure to bitcoin, adding that he will continue to buy bitcoin via MicroStrategy. This money is already in other countries, including Canada.

The launch of two Bitcoin futures ETFs in the US in October generated huge media interest, with the ProShares Bitcoin Strategy ETF raising over $1 billion in assets in just a few days. However, some, including Castle Island Ventures general partner Nic Carter, have described futures-based ETFs as “inferior” because they do not give direct exposure to the underlying asset. Carter, speaking alongside Saylor, said that the Bitcoin spot ETF will be “the most important commodity ETF launch ever.”

“The correct answer is: Allow investors to buy $1 trillion worth of bitcoin via an ETF as ETFs go into the existing security structure, underlying brokerages, and existing collateral packages,” said Saylor.

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More FORBESJP Morgan Doubles Down On Massive Bitcoin Price Prediction – But Adds A Serious Warning

The price of Bitcoin has risen more than 300% in the past 12 months, taking Bitcoin to a trillion dollars… [+] Origin. However, Bitcoin has been left in the dust by Ethereum, BNB from Binance, solana, cardano, and XRP.

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Meanwhile, bullish Bitcoin and crypto-market watchers continue to anticipate a price rally towards the end of 2021. While Bitcoin has lost ground this week, Ethereum has added nearly 5%, with its biggest competitors, Binance’s BNB and solana, both rising. By about 20%.

“Daily volatility is quite normal after this bullish month, but the higher time frame looks good for now,” said Lukas Enzersdorfer-Konrad, chief product officer of Vienna-based Bitpanda, in comments via email. “The cryptocurrency market is getting more and more integrated into the global economy every day, which only shows how important it is for larger institutions, but on the other hand, it is also under pressure from major events.”

“Bitcoin and Ethereum’s year-end melt is more likely than recovery, we believe that after the 2021 corrections speculative positions have cleared, and with demand and adoption increasing, and supply waning, this continues the bull market,” Mike McGlone wrote in his latest market report, noting that “The tidal wave of US ETFs”.

“The launch of ETFs in the US and the fact that cryptocurrencies are banned in China limits downside risks.”

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