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03.05.202111:48 Forex Analysis & Reviews: Billionaires Warren Buffett and Charlie Munger keep criticizing BTC

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 03.05.2021 analysis

The world's flagship cryptocurrency is still trying to break the $58K barrier. American billionaires Warren Buffett and Charlie Munger took aim at bitcoin during the Berkshire Hathaway shareholders meeting. Munger said that he hates the cryptocurrency and considers it "disgusting and contrary to the interests of civilization," stressing that it is only "useful to kidnappers and extortionists." Buffett admitted the bitcoin success and that its popularity is gathering pace.

Meanwhile, the April BTC mining data has been released, showing that miners earned $1.7 billion last month. The reading was slightly lower than in March. Transaction fees were at 14.5%, the highest in six months. This means that no matter what prospects the world's most praised coin has, it is still heavily mined. At the same time, demand for ether is growing in the cryptocurrency market. Even more market participants talk about Ethereum, and not bitcoin. Thus, JPMorgan has recently highlighted why ether is better than BTC. The popularity of ether is soaring along with its value owing to its high liquidity in comparison with the world's top coin whose demand is falling among investors. In addition, Ethereum becomes less dependent on bitcoin. When ether used to follow BTC, it now moves more independently. Besides, the cryptocurrency has significantly higher spot turnover and the speed of transaction compared to bitcoin. The Ethereum price went above $2,9K. The bitcoin market has recently been in correction. The premier cryptocurrency's dominance dropped to 46.5%, while ether's rose to 14.7%. As a reminder, Fundstrat experts forecast ether to reach $10K in 2021. The majority of market participants view ether as a form of payment, and not BTC.

Exchange Rates 03.05.2021 analysis

On the H1 time frame, the ascending trend line is clearly seen. Yesterday, the quotes bounced from this line. The upward trend is expected to extend until the price consolidates below the trend line. Despite the upward movement, bitcoin is unlikely to extend gains.

Paolo Greco
Analytical expert of InstaForex
© 2007-2021

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