Published on August 10th, 2024 | by Jameelah "Just Jay" Wilkerson

How Bitcoin and Ethereum are Leading the Charge in a New Market Boom

With recent reports on the rising valuation of Bitcoin and Ethereum, many crypto experts are anticipating another crypto boom. Crypto prices have not risen this drastically since 2020. Many experts believe there are two factors for this uptick: the Bitcoin halving in the crypto market and the “approval of Bitcoin Spot Exchange Traded Funds (ETFs) by the U.S. Securities and Exchange Commission.

Globally, Bitcoin and Ethereum are recognized as top cryptocurrencies, and other cryptocurrencies in the market follow the movement of Bitcoin. Simply put, if Bitcoin prices rise, other cryptocurrencies will rise as well. Experts at The Motley Fool predict that the recent Bitcoin halving in April will yet again push more investors towards Ethereum, as it did in 2020. When halving occurs, it essentially reduces the creation of Bitcoins by 50 percent. This reduction influences investors to seek out other successful crypto options like Ethereum, in order to increase investments.

The approval of ETFs by the SEC is anticipated to contribute to the crypto boom as it will facilitate future crypto investing, and in turn the building of companies supporting or using crypto. ETFs are exchange traded funds which allows investors to track financial investments without investing directly in the asset, and so a spot bitcoin ETF can give someone exposure to Bitcoin without actually owning it.

Both Bitcoin and Ethereum’s recent performance indicate a promising future. Since Ethereum is both an asset and an ecosystem, the increase in price should bode well for companies like Infanity, which are built upon and transact with Ethereum. According to Forbes, Mark Cuban strongly believes Bitcoin prices will continue to surge. Cuban believes this will be caused by a combination of “lower tax-rates and tariffs”, also due to international events and the role the US will play in it in the future. It will be interesting to follow how crypto will be affected by the combination of ETFs and the pending result of the upcoming presidential election.

By Katherine Fitzsimmons for Infanity

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