For instance, the Bitcoin (BTC) price macro chart looks too different from the “Internet bubble” of 1990s that registered zero years in red. Neither overhyped MicroStrategy journey in crypto should be treated as a signal of a “bubble phase.”
Instead, Visser recalled 2020-2021 NFT and early meme coin frenzies as textbook examples of what bubbles might look in crypto. They were accompanied by euphorias in media and splendid performance of all classes of altcoin assets:
As such, altcoin statistics of this cycle also confirm that we are very far from reaching the top. As covered by U.Today previously, the ETH/BTC rate, a crucial indicator for the altcoin segment, set a multi-year low in recent weeks right before the Bitcoin (BTC) jump over $100,000.
Ethereum (ETH) was not so cheap against Bitcoin (BTC) since April 2021. Visser admitted that despite ETH being back over $4,000, it still fails to revisit its ATH.
Despite all controversy and regulatory hostility, crypto ETFs became the fastest-growing products in the entire ETF history.
That being said, to register a proper “bubble” status, the Bitcoin (BTC) price needs to rally against MAG7, an index of top tech stocks including Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN), Nvidia (NASDAQ:NVDA), Meta Platforms (NASDAQ:META) and Tesla (NASDAQ:TSLA).
This particular process — parabolic growth of the BTC/MAG7 rate — marked the top for the last two Bitcoin (BTC) price cycles, seasoned CIO concluded.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
