‘Free Money’—Bitcoin ‘Godzilla’ Price Rally Is Being Eclipsed By These Small Cryptocurrencies
The value of Bitcoin BTC has skyrocketed to more than $60,000 per unit in the present week in an enormous 20% surge that certain people believe could be the beginning of much greater growth.
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The surge in the value of bitcoin has made it worth $1 trillion once again, which has also caused the entire cryptocurrency market to exceed $2 trillion. This is seen as a significant and meaningful development by influential figures such as Elon Musk, the billionaire behind Tesla, and Warren Buffett, the renowned investor, who both view it as the "real currency."
Currently, traders are preparing for a unique Wall Street upheaval, and the value of other small cryptocurrencies has soared beyond the value of bitcoin, with certain individuals describing it as "easy money."
Bitcoin's upcoming halving is anticipated to bring about a tumultuous shift in cryptocurrency prices. Make sure to register for the free CryptoCodex newsletter, which provides daily updates for traders, investors, and anyone interested in crypto. This will keep you informed and one step ahead of the market.
Additional content available on Forbes: Recently released emails provide extraordinary insights into the enigma surrounding the discovery of the person responsible for creating Bitcoin, Satoshi Nakamoto. Billy Bambrough writes about this intriguing development on Forbes.
The recent spot bitcoin exchange-traded fund (ETF) by BlackRock is causing massive waves in the cryptocurrency market. This has resulted in a significant increase in the value of bitcoin, leading to an upward trend in other cryptocurrencies such as dogecoin, bonk, solana, XRP, ethereum, worldcoin, and more. Its impact is so significant that some experts describe it as a "Godzilla-big" phenomenon.
Big financial firms on Wall Street, such as BlackRock with its $10 trillion in assets, have initiated a surge in bitcoin prices. They did this by launching many newly awaited spot bitcoin ETFs that have set records in recent times. A prominent executive from Fidelity even made a bold prediction about the price of bitcoin.
Eric Balchunas, an ETF analyst at Bloomberg Intelligence, commented on BlackRock's performance by comparing the company to the size of the legendary monster Godzilla. Balchunas noted that BlackRock has a very broad reach, a recognized brand, and is well-established in the trading world. He also highlighted that many of BlackRock's ETFs trade at over $200 million per day, which explains why the company stands out in terms of high trading volume.
The excitement surrounding Bitcoin ETFs has impacted smaller cryptocurrencies. Solana, which is a competitor to Ethereum, and Dogecoin, which is based on memes, have both experienced a 15% and 30% increase in the last 24 hours. Compared to a week ago, Dogecoin's value has surged by 50%.
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Further Details from Forbes: The CEO of an ETF has disclosed a colossal $114 trillion financial revelation that could heavily impact the value of bitcoin in Wall Street.
The value of bitcoin has recovered almost completely from the dip it experienced in 2022. As a result, other cryptocurrencies such as ethereum, solana, dogecoin, bonk, and several smaller coins have also seen significant price surges.
The memecoin called Bonk, which is based on Solana and competes with Dogecoin, has experienced a substantial increase of 26% in the past 24 hours. As a result, it has achieved a total weekly increase of 75%.
In other places, there have been multiple digital currencies integrating artificial intelligence, such as fetch.ai, arweave, and worldcoin, which has been a subject of controversy due to being created by the CEO of OpenAI, Sam Altman. These currencies have experienced impressive surges, with some even reaching double-digit percentages. Over a span of seven days, arweave has increased by 130%, while worldcoin has risen by 250% since the start of February.
According to DLNews, a user of worldcoin in Germany referred to it as "free money" after receiving some of the digital currency in exchange for getting their eyes scanned. However, worldcoin has encountered criticism from several countries, such as Kenya and India, for its method of using people's biometric information to obtain cryptocurrencies. This has led to some privacy concerns being raised regarding the use of worldcoin.
The artificial intelligence (AI) cryptocurrency market is experiencing rapid growth thanks to the contribution of chip manufacturer Nvidia. The company announced incredibly positive results, with a revenue of $22 billion. This figure represents an increase of almost 270% compared to the same period the previous year and has surpassed the already high expectations of Wall Street. The company's CEO has attributed the success to the adoption of AI-led computing, which appears to have reached a crucial point.
