Jurrien Timmer, the Chief Macro Strategist at Fidelity Investments, says that Bitcoin and Ethereum are reaching a point where they may not be susceptible to competition anymore.
In an interview with Raul Pal on Real Vision, Timer of Fidelity compared Bitcoin and Ethereum to US tech giant Apple, saying that each has a major global impact on the industry.
Bitcoin and Ethereum are two of the most well-known crypto projects, but they’re not going anywhere soon. The expert says that while other altcoins may try to take down these top digital currencies by market cap (as many have), it’ll be difficult because Bitcoin and Ethereum have already established themselves as top dogs.
Bitcoin is currently valued at $23,749, while Ethereum’s value is around $1,694.
The crypto market had a bullish reaction after the Fed announced interest rates on July 27 when Bitcoin continuously increased and closed the week candle above $23,000, an optimistic forecast in the short term.
Along with that, the largest altcoin in the market, Ethereum, has also increased in price continuously. At the time of writing, the ETH price hovers around the $1700 region, recording an 11% gain over the past 7 days.
With the market sentiment surging along with this news, traders and investors can be confident in the bright future of this cryptocurrency.