Over the past week, the inflow of investments to cryptocurrecies fell to $21 million
Cryptocurrency forecast for today.
The price of Bitcoin (BNC) rose to the $59000. Ethereum (ETH) strengthened to the price value of $1850, and Ripple (XRP) reached the level of 0.56 dollars. The total capitalization of the digital currency market was $1.86 trillion.
CoinShares has presented a weekly report on the investments of financial institutions in cryptocurrency products. Over the past week, the inflow of investments fell to $21 million. CoinShares analysts report that interest in cryptocurrencies from institutional investors has significantly decreased. Such a low inflow of investment in cryptocurrency products has not been observed since October 2020, when the bitcoin exchange rate was below $14000. Trading volumes also decreased significantly ― an average of $788 million was traded daily, while since the beginning of 2021, the average figure exceeds 900 million. According to a report by analysts at JPMorgan, in the first quarter of 2021, the volume of retail investment in bitcoin exceeded the investment of institutional investors, who began to buy fewer cryptocurrencies.
Almost 75% of the Bitcoins in circulation last participated in transactions at a price below $10800. This suggests that the majority of market participants are long-term investors. Analysts note that the number of long-term buyers of the main cryptocurrency continues to grow, and many coins that have not moved since the beginning of the current market cycle are now classified as long-term investments. These include coins that were last moved online more than 155 days ago. As a result, the number of coins classified as out of supply has increased dramatically in 2021. The main conclusion is that investors and traders continued to buy bitcoin throughout the uptrend phase.
In the forecast, I expect further growth of Bitcoin to the level 60000 dollars. Ethereum can rise to the level 1890 dollars, and XRP - to 0.60 USD.