Bruce Fenton and Max Keiser have highlighted market capitalization and performance versus gold as a measure of cryptocurrency’s rapid advance.
In Twitter comments Wednesday, Fenton showed the acceleration of combined cryptocurrency market cap levels, while Keiser suggested gold had “won the snooze fest of the decade award.”
It took 7 years for the value of all cryptocurrency to hit $10 billion, another year to hit $20 billion & 3 more months to hit $40 billion.— Bruce Fenton (@brucefenton) May 3, 2017
Both perspectives continue what commentators are increasingly saying is the ‘real news’ in Bitcoin’s story behind its record high price.
ARK Blockchain’s Chris Burniske recently added investor confidence to the mixture, which was helping market capitalization surge. Interest in Ethereum (ETH) and Ethereum Classic has been especially influential in the trend.
The Bitcoin-gold narrative has been a current topic this year, beginning with the price of a Bitcoin surpassing that of an ounce of the precious metal for the first time.
Tuesday saw a reiteration of gold’s mediocre performance versus Bitcoin from Australian billionaire entrepreneur Mike Cannon-Brookes.
Compared to 2010, a $10,000 gold investment is today worth only around $10,300. A similar investment made in Bitcoin at that point, however, is now worth around $145 mln.
Fenton meanwhile added a cautionary note to the exploding altcoin ICO market, which has seen huge amounts of capital flow into especially Ethereum-based token sales.
“...With many ICOs you are not actually buying anything,” he warned. “Even if the project works, in some cases you have no stake in its success.”