The one thing that the crypto market has over other markets in the financial system is the zeal always to touch the highest levels. Even though it is determinant on some factors, the assets have been doing well in the last few days. Even though Bitcoin and Ethereum are not where they used to be in terms of price, it is worthy to note that the assets have shown more hunger than other assets in the financial market. In what would be described as a royal beating, Bitcoin and Ethereum have survived and have come out stronger, and an analyst believes that the digital assets may be in line for a bull run in the coming days.
Kruger says Bitcoin and Ethereum have a bullish future
This week saw most of the financial market’s asset class take a downturn as previous metals saw their price decline, with the stock market suffering the same fate. Even though these assets are in the same financial category as digital assets such as Bitcoin and Ethereum, the digital assets have fared better than the other ones in the category.
Talking about the resilience of Bitcoin and Ethereum, analyst and trader Alex Kruger has mentioned that everything points to a bullish stance of both digital assets are to be taken into consideration. He pointed out that it has been a full year since the digital assets have taken a massive decline, with this recent one the latest obstacle in their cycle.
In the last year, Bitcoin had to suffer a coronavirus pandemic-induced decline to trade at $3,500 before it went on to touch its all-time price at $58,000 some months back. Ethereum, on its part, had to suffer a price decline to register $100 but has since left the region to register its all-time high price in a region above $2,000.
Cash inflow into the digital assets market to happen soon
The analyst has pointed out that even though the assets are presently taking a beating, their resilience to hold on in the past will come into play again, which might catapult them to the top once more. With the stock market now in a shaky territory and precious metals showing bearish signs, the analyst points out that since they can’t be upgraded or updated, he feels they cannot be a store of value.
Kruger is not the only one that has argued about this, even though some analysts have always preferred to remind the crypto sector that the assets tend to be speculative. Bitcoin has been referred to as digital gold, which has helped the asset achieve so much success in the back of the recent sell-off in the gold market.
Many individuals would be hoping to ditch the gold market and move into the Bitcoin market. Also, traders who are no longer seeing enough profit in the stock market may be forced to cash in on their holdings and put it on crypto, buttressing a large cash inflow into the crypto ecosystem.