Cryptocurrency—Bitcoin and Ether hit another new all-time high price on Monday.
The new highs in crypto prices can be partly attributed to inflation and sliding bond yield prices.
“A lot of momentum is driven by the new investors including institutions who are warming up to digital assets especially bitcoin as a hedge against inflation,” he said.
“We are seeing an increased demand for crypto assets this year, particularly due to a surge in retail participants from all around the world.
If we take a look at the crypto derivatives data, OTM or out-of-the-money, call options are much more expensive than out-of-the-money put options at the moment for both Bitcoin and Ethereum.
“From the technical indicators, it was evident for some time that the markets were poised to make a massive upward move.
Investors and experts predict that Bitcoin prices are expected to go beyond $70,000 and touch the $80,000 mark.
Malviya has advised investors to hold their positions for a couple of weeks, as a potential 100 percent gain in the overall market cap will be witnessed in the coming days.