The Next Cryptocurrency to Explode in 2021? 5 Names to Consider as Bitcoin Plunges – InvestorPlace
We are on a wild ride with Bitcoin (CCC:BTC), so please keep your hands, feet, arms and legs inside. After hitting an all-time high above $58,000, the leading crypto plunged to $48,000 amid bearish calls from analysts and Elon Musk. But the story is likely far from over. With growing mainstream support, investors should be looking for the next cryptocurrency to explode in 2021. Here is what you need to know right now.
Essentially, everything has been working in favor of cryptocurrencies. Legendary investors continue to buy in, and even Tesla (NASDAQ:TSLA) purchased a $1.5 billion stake. Financial institutions are integrating digital currencies, and you can now buy a house or even a private island with your crypto wallet. On Friday, the first Bitcoin exchange-traded fund in North America launched to roaring success, perhaps paving the way to a sister fund in the U.S. In short, these headlines combined to push Bitcoin to a new all-time high. They also created a rally in a series of lesser-known cryptocurrencies.
Then, BTC hit the breaks as bearish Bitcoin price predictions poured in. Musk, a fan of cryptocurrencies, tweeted some concerns about current valuations. Are BTC and Ethereum (CCC:ETH) really too high? Regardless of the answer, Bitcoin, Ethereum and many of their peers started to tumble.
Where we stand now, Bitcoin has trimmed