Cryptocurrency Price Check: Could Bitcoin Replace Gold?
As stocks have fallen this past week amid market volatility, cryptocurrency prices have steadied and remained relatively flat. Major market players have been weighing in on Bitcoin and other cryptocurrencies.
Janet Yellen said that she backs the Federal Reserve investigating digital currencies that could make payment faster and cheaper.
Coinbase published its finances ahead of going public and revealed that it booked profits as revenue doubled in 2020.
Goldman Sachs (GS) – Get Report has restarted a crypto trading desk scuttled during the last bear market. The world’s largest financial institutions have also issued a slew of research notes, fundamental analysis and expert opinion on investing in Bitcoin including Citi (C) – Get Report, JP Morgan (JPM) – Get Report and Bridgewater (BWB) – Get Report.
Here is a list of some of the top cryptocurrencies to watch and the current prices for each as of Mar. 5 at 9 a.m. ET.
Bitcoin BTC | $48,272.75
Bitcoin is up almost 2% in value over the past week but was falling early Friday morning as bond volatility is reducing demand for the cryptocurrency.
This comes after Bloomberg put out a report analyzing whether Bitcoin could replace gold as a global asset.
Ethereum ETH | $1,499.48
Bitwise DeFi Index Fund has attracted over $30 Million in just two weeks after announcing its fastest growing investment product. Most of the assets are on the ethereum blockchain.
Litecoin LTC | $174.15
Litecoin has around 2% in the past week. Litecoin creator Charlie Lee compared NFTs market, like NBA Top Shots, to the ICO market of late-2017.
Binance Coin BNB | $226.53
Binance Coin has fallen over 3% in the past week as the popular altcoin asset has been hit the hardest in the past week of the popular cryptocurrencies.
Polkadot DOT | $33.26
Polkadot is marketed as a multi-chain interchange that will “enable a completely decentralized web where users are in control.” Polkadot was created by Ethereum co-founder Gavin Wood.
All cryptocurrency price performances are referenced and pulled from Coinbase.