Despite the recent downward correction, Bitcoin and other cryptocurrencies have experienced a meteoric price rise that has benefited 11Onze members who invested in cryptocurrencies through Bitvavo. We have a look at the latest developments in the crypto world with Oriol Blanch, Affiliate Manager at Bitvavo.

As expected, the imminent halving and the entry into play of ETF (Exchange Traded Funds) trading linked to Bitcoin spot have driven the popularisation of crypto asset investment through traditional markets and have contributed to the rise in Bitcoin’s value.

It is true that the price of Bitcoin has experienced a downward correction of 11.65% since reaching an all-time high of $73,949 and that ETF flows have stabilised, but the rise in the value of the reigning cryptocurrency has been spectacular. As Oriol Blanch explains, “Many institutions are beginning to trust this asset, and it is slowly becoming clear that it is an asset that is here to stay. More and more businesses are accepting this cryptocurrency.”

Beyond bitcoin

As BTC continued to rise in price, the market for altcoins, i.e. alternative cryptocurrencies to the most popular crypto assets and with the largest market capitalisation, such as Bitcoin and Ethereum, also soared. “There are many other assets that have been advanced by the rise of Bitcoin and that have brought many benefits to the community or investors”, says Blanch.

The Solana and Avalanche blockchains have seen significant increases in value. Low transaction fees and the greater speed of these two cryptocurrency networks compared to Ethereum have facilitated a marked rise in transaction volume.

As Bitvavo’s affiliate manager points out, “Ethereum is a very old blockchain, very secure and very decentralised, but on the other hand it is costly. You can pay between $15 and $50 per transaction, which is not scalable.”

The popularity of meme coins

One of the topics on the agenda at Paris Blockchain Week, which ran from 9 to 11 April, was meme currencies or meme coins, virtual assets based on internet memes. Influencers and investor groups are constantly bombarding social networks about these projects.

Thus, despite their origins, meme coins have carved out an important place in the market and some have even made it into the top 100 cryptocurrencies by market capitalisation. Trendy meme coins, such as Pepe, Floki, Bonk and others, have seen a massive spike in value. And, as Blanch says, “Being able to make money speculating with these assets seems to be very attractive to people who are keen on this sector.”

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