Bitcoin is more like digital diamonds than digital gold, and the price could go to $28,000 by year's end, analyst says
— Deutsche, Central banks across, Federal reserve, Market cap, Range, Banks, Tokens, Cryptocurrencies continue, Rebound — 1 min read
Deutsche Bank: Bitcoin's performance during this tightening cycle will be a key test for its ability to be regarded as a separate asset class. The world's biggest crypto by market cap has tumbled more than 70% from its high. The bank's analysts noted that tokens have become more correlated with the tech-heavy Nasdaq Composite and the S&P 500 this year. The total market capitalization for cryptos fell below $1 trillion on June 13 from a high of $3 trillion and hasn't shown much resilience since. Like diamonds, bitcoin has no inherent value, but mining and trading company De Beers changed perceptions with clever marketing, analysts said. The note comes as cryptocurrencies continue to struggle to regain lost ground amid the overall market turmoil. Source