FinancialCentre’s Broker Talks About Bitcoin Suddenly Looks ‘Overbought’ As Ethereum, And Dogecoin Join Huge Price Rally

London, England, 4th Nov 2021, Bitcoin has hit a new all-time high today, according to David Green, FinancialCentre’s brokers. Bitcoin climbed to just over $67,000 per bitcoin on the Luxembourg-based Bitstamp exchange – more than double where it started in 2021.

He talks about the sudden rise of bitcoin price by more than 40% over the last month, with other notable cryptocurrencies such as ethereum, Cardano, Binance’s BNB, Ripple’s XRP, Solana, etc. Dogecoin also benefits from its rise. For the first time, the crypto market as a whole has surpassed its previous all-time high.

The pullback in the Bitcoin price

The firm had warned that the bitcoin price might undergo a pullback before the first U.S. bitcoin futures exchange-traded fund (ETF) was introduced on the New York Stock Exchange, calling bitcoin “overbought.”

The broker also stated that he expects the price of bitcoin to climb to $ 250,000 over the next five years, predicting that the value of bitcoin will then equal gold. He expects bitcoin to replace gold eventually.

Meanwhile, as bitcoin penetrates new markets, some experts believe it will continue to outperform, such as Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, Solana, and Dogecoin — most of which have far outdone the price growth of Bitcoin over the previous year.

“The current bitcoin price is reminiscent of last year’s when the barometer outperformed other cryptocurrencies and saw a massive surge in the fourth quarter.” said the broker.

Bitcoin is expected to outperform other cryptos in this sector, and Bitcoin is anticipated to reach a six-digit value before the end of the year. Bitcoin price is on the rise, while some other top cryptocurrencies are doing even better than Bitcoin. The number of countries that accept cryptocurrency is growing exponentially.

Dogecoin

And Ripple Outperformed Bitcoin

“Dogecoin and Ripple continue to be the most promising of all cryptocurrencies on our platform.” said the broker. “Both protocols have corporate backing and their currencies, which makes them credible alternatives to Ethereum.”

FinancialCentre’s financial analyst states that Dogecoin and Ripple both outperformed bitcoin last year.

“Ripple has been one of the top-performing cryptocurrencies in recent months, despite some major price volatility.”

Ethereum and Cardano Also Better Than Bitcoin Last Year

“Ethereum and Cardano have become a lot easier to buy since we added them on our platform, which is why they’re doing well now.” said the broker. “In the last year, they have been great alternatives to bitcoin as their prices rose significantly.”

BITCOIN BETTER THAN GOLD?

While some financial institutions and analysts say that Bitcoin will replace gold as a store of value, others claim that cryptocurrencies do not bear any intrinsic value other than demand. Some analysts also argue that Bitcoin will fall to zero when the bubble bursts at any point in the future, while others say that Bitcoin is not a bubble.

While cryptocurrencies are considered highly speculative investments given their lack of regulation, Blockchain technology has been praised for its potential to disrupt multiple industries worldwide. Blockchain records are secure and decentralized, meaning that they can never be changed after being recorded.

The cryptocurrency market as a whole has already surpassed its previous all-time high, and Ripple’s XRP is now operating at $ 1.065 per token – the highest level in history. The application of blockchain technology to cross-border money transfers has helped increase the value of Ripple by more than 3000% over the past 12 months.

While the crypto market is constantly being criticized for its lack of regulation, blockchain technology has received praise from many financial institutions and companies worldwide in recent years.

Meanwhile, some countries have embraced cryptocurrencies, while others are considering blockchain technology to improve different industries. Although there are still some problems with blockchain technology, most experts believe that this technology can change the world.

Future of other cryptos

The broker anticipates that other cryptos have a great future ahead, although there is a lot of volatility to be found in the cryptocurrency market. It is impossible for any single currency not to become volatile if it experiences the massive growth that Bitcoin experienced over the past year. Most people believe that other currencies will see similar gains, and the general public realizes how valuable they are.

The growth of other cryptos and Bitcoin can be attributed to the growing number of countries that accept them as a form of payment. The only way for cryptocurrencies to enter the mainstream market and see their values rise is widespread adoption, although he expects continued volatility.

Conclusion:

The broker also stated that he expects the price of bitcoin to climb to $ 250,000 over the next five years, predicting that the value of bitcoin will then equal gold. He expects bitcoin to replace gold eventually.

However, from a technical analysis point of view, we need to keep an eye on the resistance line around $72.000 for Bitcoin and $400.000 for Ethereum, as it looks like this line might halt the current bullish run by the cryptos mentioned. It will be interesting to see how things evolve in the cryptomarket, of course.

Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.

Source: FinancialCentre’s Broker