Bitcoin and Ethereum have both exploded higher in the past 24 hours. The price of BTC is up 8% in the past 24 hours as buyers rush in.
This rally has unsurprisingly caught the attention of those not conventionally “in this space.” For one, the hashtag for Bitcoin was trending on Twitter in Canada and the U.K., and potentially in the U.S.
Casey Neistat, a prominent Youtuber and entrepreneur based in Los Angeles, expressed his excitement for both Bitcoin and Ethereum. While he did not disclose at which price he bought BTC, he did disclose at which price he bought Ethereum.
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ETH has underperformed Bitcoin over recent days as the market centers its focus on the original crypto-asset.
Casey Is Up 1,000% On Ethereum
According to a tweet from Casey Neistat published on November 5th, he was “buying ETH at $40 back in 2017” and still holds the coins he bought. Assuming this is true, that means that the prominent Youtuber is up around 1,000% on his investment.
He did not disclose how much money he put into Ethereum. He also did not disclose how much money he put into Bitcoin.
i was buying eth at $40 back in '17. still holding
— Casey Neistat (@Casey) November 5, 2020
Neistat’s comment regarding ETH came shortly after he tweeted “BTC!,” expressing his support for the ongoing rally.
This is not the first time that Neistat has mentioned cryptocurrency, whether that’s Bitcoin or Ethereum. He tweeted out the “BEST BITCOIN EXPLAINER EVER” to his Twitter feed in December 2017, just prior to the blow-off top that shook the industry and Wall Street.
He also asked if Elon Musk would accept Bitcoin for the upcoming Tesla Roadster. Musk, of course, has taken an interest in the leading cryptocurrency and Ethereum, being someone in tune with Silicon Valley and technological trends. Unfortunately for Neistat, Musk never responded to his offer about using Bitcoin for the Roadster
Institutional Adoption Taking Place
Neistat talking about Ethereum comes amid a bout of institutional accumulation of the cryptocurrency.
For one, Australia’s central bank, the Reserve Bank of Australia, recently announced that it will be adopting a platform based on Ethereum for its central bank digital currency tests.
The uptick in the institutional adoption of the leading cryptocurrency lends to the sentiment that it will see further strength in its price.
Analysts are eyeing $800 as a year-end target as the altcoin market continues to trend in a positive direction.