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Finbold recently reported BlackRock (NYSE: BLK), revealing Bitcoin (BTC) and Ethereum (ETH) as the “only two cryptocurrencies worth buying.” In this context, we consulted ChatGPT-4o artificial intelligence (AI) for insights about that and a comparative analysis between BlackRock’s picks.
As reported, Robert Mitchnick, Head of Digital Assets for BlackRock, spoke at the Bitcoin Conference 2024 on July 26. Mitchnick explained that he sees “very little interest” in cryptocurrencies other than the leading two among its clients.
Nevertheless, OpenAI‘s advanced model explained that there are other cryptocurrencies worth considering from an investment perspective, listing five examples. ChatGPT-4o mentioned Solana (SOL), Cardano (ADA), Polkadot (DOT), Chainlink (LINK), and Avalanche (AVAX)—despite BTC and ETH’s currently higher recognition.
The AI justified this more open approach due to “diverse use cases, innovation and development, potential growth, market demand and adoption, risk mitigation, and community and ecosystem development.” In summary, less-recognized projects can offer competitive advantages and higher growth potential and avoid exposing investors to concentration risks.
Following the model’s logic, investors can also consider small caps like Monero (XMR), MultiversX (EGLD), Radix (XRD), and Nano (XNO).
Comparative analysis of BlackRock’s ‘worth buying’ Bitcoin and Ethereum
After that, we asked the AI to weigh in with a comparative analysis of the two leading digital assets. It is undeniable how both projects play a unique role in the cryptocurrency market and in BlackRock’s exchange-traded funds (ETFs).
In particular, Finbold fed ChatGPT-4o with recent data on Bitcoin ETF and Ethereum ETF gathered from CoinGlass on July 28.
BlackRock’s Bitcoin ETF (IBIT) vs. Ethereum ETF (ETHA)
First, BlackRock’s Bitcoin spot ETF (IBIT) has a $1.12 billion volume trading at $38.79 with 594 million outstanding shares and $17.24 billion in assets under management (AUM). Bitcoin was trading at $67,837 with a $1.34 trillion market cap by prompt time.
On the other hand, BlackRock’s Ethereum spot ETF (ETHA) has a $9 million daily volume at $28.87 per share. The underlying asset ETH was trading at $3,266, with a $392 billion market cap.
Interestingly, however, ETHA had a $442 million inflow in its first four trading days – from July 23 to 26 – while IBIT registered a $232 million inflow.
ChatGPT-4o highlighted Bitcoin’s sticky dominance as the market leader among institutions with Ethereum’s growing potential and innovation.
Comparative analysis: BTC vs. ETH
Overall, the AI said both BTC and ETH are capturing institutional interest. One is better established for large asset managers like BlackRock, while the other has a promising future with a growing inflow.
“For 2024, the analysis suggests Bitcoin will likely continue to dominate institutional interest and market cap, with robust growth prospects driven by strong ETF inflows and established market presence. Meanwhile, Ethereum is poised for significant growth, given its initial ETF inflow, supportive technological advancements, and increasing interest from institutional investors. Its relative underrepresentation in BlackRock’s assets compared to Bitcoin may indicate more room for growth and catching up in the near future.”
In conclusion, the AI warns investors to monitor the developments in ETF inflows, regulatory changes, and market adoption trends related to Bitcoin and Ethereum to make more informed decisions while also considering other cryptocurrencies with lower institutional recognition but a promising and innovative future.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.