This story was originally published here.
Thanks to widescale institutional investment into Bitcoin (CCC:BTC-USD), the original cryptocurrency eventually made its way above $52,000, truly a milestone moment for the blockchain economy. Though BTC did give up some of its gains at time of writing, enthusiasm remains sky high. But what about alternative crypto coins (altcoins) like Ethereum (CCC:ETH-USD)? Is there any benefit to wagering on ETH, or should investors ride the main show?
On principle, the narrative overwhelmingly favors Bitcoin. While many altcoins have made a splash, and the underlying blockchain technology of Ethereum is commendable, the reality is that most institutional players are just warming up to BTC.
Before you attempt to push the relationship to the next level, the institutions would prefer you to take them out to dinner first. In other words, one step at a time.
Second, you’re not really hearing too much about Ethereum – the only altcoin so far with a market capitalization of at least $200 billion. Instead, it’s all about Bitcoin. As the Wall Street Journal detailed, Bank of New York Mellon (NYSE:BK) stated that it will treat BTC as any other financial asset. Credit card giant Mastercard (NYSE:MA) declared that it will integrate Bitcoin into its payment network this year.
Of course, you have Elon Musk and Tesla (NASDAQ:TSLA). As a vocal proponent of cryptocurrencies, Musk has been responsible for some wild swings in the crypto space. Moreover, Tesla revealed that it purchased $1.5 billion of BTC. This is in line with other technologically savvy corporations like Square (NYSE:SQ) buying up the token, though Tesla’s purchase magnitude has shot up Bitcoin’s credibility to the moon.
While amazing for the continued mainstreaming of cryptocurrencies, it all seems BTC-centric. However, I wouldn’t necessarily give up on Ethereum as the narrative may be more exciting for it down the line… Story continues here.
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P.S. If you watch the video all the way to the end, you’ll receive the name and ticker symbol to our favorite altcoin for free. Watch this recording while you still can.
