When cryptocurrencies initially started out, it was a very niche market. In fact, it is safe to say that only a handful of people even saw the benefits that such a technology could bring. And during those early days, there were plenty of critics who didn’t believe that crypto would amount to much.
However, almost ten years later and it is very apparent that cryptocurrencies have become the most lucrative financial market in the world. Prices for different cryptocurrencies are constantly on the rise despite the many pitfalls that it has faced. Therefore, many institutions have even started to take notice of this incredible growth and are looking to get in.
Even institutional investors who once looked down on crypto came off their high horse and have started investing in it. But now, cryptocurrency has managed to reach a brand new threshold. More specifically, it is coming closer and closer to an actual institutional currency.
CypherMindHQ.com Artificial Intelligence Crypto Trading System - Surpass the competition with this cutting-edge AI system! Utilize the prowess of innovative algorithms and amplify your crypto trading strategies with CypherMindHQ. Learn more today!
Bitcoin will now be a part of the New York stock exchange, and the anticipation surrounding it has been nothing short of remarkable. The ETF launched to critical acclaim, as a billion dollars worth of trades happened on the very first day. This was the biggest one day trade in the history of the New York Stock Exchange. In fact, the trades reaching such a drastic level were a sign of just how successful cryptocurrencies are.
Of course, it is also worth mentioning that these ETFs are not similar to trading cryptocurrency. On the other hand, it is more similar to trading futures of cryptocurrency, which in this case is Bitcoin, granted, this is just the beginning for crypto ETFs, as it is not long before cryptocurrencies will come along that have government backing. A crypto with the power of the US dollar will be truly revolutionary.
Bitcoin getting its own ETF was also fairly obvious, given that it is the best of the best that the market has to offer. In this year alone, Bitcoin fell in the beginning and then rose by 100%. After that, it fell by about 50%, and then rose by 100% again. This rising trend shows just how successful cryptocurrencies can be in the future. And that is why many people have started to flock to the stock exchange in order to profit off of this incredibly successful asset.
The trend of cryptocurrency has become a global phenomenon, as other countries are also preparing to incorporate crypto. They are working on either developing their own crypto, or are making the necessary changes to welcome cryptocurrencies. Ad seeing how well the market is going, there is no doubt that it might go even higher.