BlackRock’s top 2 crypto picks: Are they living up to the hype? 
Cryptocurrency Oct 9, 2024 Share
Just over two months after BlackRock, a major asset manager heavily invested in cryptocurrencies, suggested that Bitcoin (BTC) and Ethereum (ETH) were the only two digital assets worth buying, here’s how they have fared in terms of price since its team’s public recommendation.
Indeed, at the Bitcoin 2024 conference on July 26, BlackRock’s Head of Digital Assets Robert Mitchnick revealed that his company saw “very little interest” in digital assets among its clients other than the two largest cryptocurrencies by market capitalization, as Finbold reported at the time.
#1 Bitcoin (BTC)
As it happens, since the endorsement by BlackRock, Bitcoin has declined 5.66% (down from $65,771.81) and is at the moment changing hands at the price of $62,050, with the recent increase in dormant whale transactions signaling positive sentiment for the asset’s future price performance.
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🐳 Referring to the Tuesday whale transaction highlighted by @lookonchain, our own metrics indicate a major spike in dormant activity on Bitcoin's network to pair with $37.4B in on-chain volume Tuesday, the most in 7 months. Historically, stagnant BTC moving back into regular… https://t.co/l0K5Df2FAM pic.twitter.com/iMnywyx1hs
— Santiment (@santimentfeed) October 9, 2024
At the same time, the current trading price of the flagship decentralized finance (DeFi) asset represents a 0.61% decline in the last 24 hours but nonetheless a gain of 1.24% across the previous seven days, whereas in the last month, it has grown by 12.39%, as per data on October 9.
Bitcoin price 7-day chart. Source: Finbold
#2 Ethereum (ETH)
Meanwhile, the market’s largest altcoin, Ethereum, has declined 23.36% (down from $3,174.05) since Mitchnick’s recommendation, but crypto trading expert Ali Martinez has recently suggested that a rally toward $6,000 could be in its near future, provided it stays above the critical support level at $2,300.
This is a pivotal moment for #ETH!
If #Ethereum maintains support above $2,300, a new rally toward $6,000 could be on the horizon. But if $ETH loses this level, a drop to $1,600 might be next. pic.twitter.com/v5uwf8a5Un
— Ali (@ali_charts) October 7, 2024
For the time being, Ethereum is changing hands at $2,432.64, which means it is up 0.14% on the day, down 0.74% across the week, in addition to advancing 4.87% in the last 30 days, according to the most recent CoinMarketCap chart information retrieved by Finbold on October 9.
Ethereum price 7-day chart. Source: CoinMarketCap
Conclusion
All things considered, both Bitcoin and Ethereum have declined in price since BlackRock’s recommendations, although it might not mean much in the longer term as trends in the crypto market can easily change. At the same time, it reflects the importance of doing one’s own research when investing.