There has been a lot of negative news surrounding cryptocurrencies in recent months. Despite this, cryptocurrencies have recovered and during the first week of August, the total market cap has remained stable above $1 trillion. There is also a lot of good news that could also see the entire cryptocurrency market rise during the month.
One is that BlackRock, one of the major investment funds, is going to get into crypto. The institution with over $1 trillion in assets under management is looking to partner with Coinbase. The partnership aims to create a platform for institutional investors who are part of BlackRock’s client base to enter the crypto market. Not only is this bullish news for the entire crypto market, but it also creates a perfect opportunity for several large-cap cryptocurrencies to rise within the month. That’s because the big money tends to focus on large capitalization cryptocurrencies.
If you want to bet on large-cap cryptocurrencies, here are a few to keep in mind throughout the month.
Ethereum (ETH) is one of the best altcoins that has the potential to rise in August if the BlackRock news positively impacts the market. That’s because, in addition to the market news, Ethereum has a lot going on. One of these is the upcoming merger where Ethereum will finally run as Eth 2.0. Apart from that, Ethereum is one of the cryptocurrencies that BlackRock’s institutional money is likely to buy. That is because it is one of the most secure cryptocurrencies after Bitcoin. Ethereum is already surpassing Bitcoin in August, so there’s a good chance the momentum can continue.
Cardano (ADA) is one of the cryptocurrencies that could see its price move as the BlackRock news hits the market. One thing that makes Cardano attractive to investors is that it is highly decentralized. After the recent issues affecting high-profile cryptocurrencies, there is a good chance that decentralization will be central to cryptocurrency investments in the future. In addition to its attractiveness for institutional money, Cardano’s development team has announced a number of major upgrades in the near term. This could also play a role in boosting Cardano in August.
Bitcoin (BTC), the largest cryptocurrency, is an obvious choice for institutional money. As such, now that BlackRock is interested in the crypto market, Bitcoin could reap big harvests. Bitcoin is already showing positive signs.
After dropping below $20k not too long ago, it has bounced back and remains steady above $22k in August. There is also data showing that most of the Bitcoin in existence today has been taken off exchanges, making the number one crypto highly illiquid.
If institutional investors like BlackRock are interested in Bitcoin, its value could rise significantly. Even a small order can bring BTC at unexpected prices within a month.