Weekly recap for Bitcoin and Ethereum price analysis, with a look at the decline of Gold and Silver
Both Bitcoin and Ethereum have seen their prices grow over the past seven days, according to data from CEX.IO. Of course, alongside surges, there were also corrections that took the coins down after each new step up. This is particularly noticeable when it comes to Ether which, at one point, dropped by $100 over the course of just a few hours.
Fundamental analysis: Bitcoin winning against gold?
Bitcoin was nicknamed ‘digital Gold’ years ago, and ever since, investors and analysts have always compared it to Gold in terms of value, market cap, use cases, ease of management, and seemingly in anyway possible. Many were predicting that BTC will eventually replace gold, although no one knew when that might be expected.
During the year of COVID-19, BTC and Gold have become go-to assets, with investors typically choosing one or the other. However, recent developments indicate that BTC seems to be winning the fight against gold, at least as far as media coverage is concerned.
Less than 10 days ago, for example, billionaire investor Mark Cuban — who once said that he preferred bananas over cryptocurrency — told Gold investor Peter Schiff that “Gold is dead”, and it is time to move on. A crypto skeptic finally started seeing utility in Bitcoin, calling it better than gold.
Schiff’s own son, Spencer, recently sold his Silver stocks in order to invest in Bitcoin, which now makes 100% of his investment portfolio, according to Schiff’s recent tweets. While this caused quite a bit of criticism from Spencer Schiff’s father, the crypto community welcomed the move.
Bitcoin has seen a lot of
