Best Cryptocurrency

Posted on 01/09/2021

In the second half of 2020 and the start of 2021, cryptocurrencies have been on a tear. What are the best cryptocurrencies for institutional investors? It seems based on price data, that bitcoin (BTC) seems to be winning against other coins. Bitcoin topped US$ 40,000 and for the first time the cryptocurrency market value has surpassed US$ 1 trillion. JPMorgan has called for bitcoin to reach a price of US$ 146,000 as a possible long-term option. The outlook of his high-price target depends on bitcoin moving toward gold. Furthermore, the Office of the Comptroller of the Currency (OCC) issued an interpretative letter (Interpretive Letter 1174) outlining how banks and financial institutions may use independent node verification networks (INVNs) and stablecoins.

More institutional capital is flowing into bitcoin. For example, Skybridge Capital launched the SkyBridge Bitcoin Fund L.P., an institutional grade fund for investors to gain exposure to bitcoin. SkyBridge investment funds hold a US$ 280 million position in bitcoin, and Skybridge and affiliates have US$ 30 million invested in the SkyBridge Bitcoin Fund L.P.

The Ethereum ecosystem witness advances in market infrastructure growth in the fourth quarter of 2020. The launch of Ethereum 2.0 was a key move for migrating the ecosystem to a proof-of-stake blockchain.

Some cryptocurrencies fell into hot water and that one is XRP, the cryptocurrency of Ripple Labs. Ripple is facing a major SEC complaint over allegations it is an unregistered security.

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