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BitcoinBTC and ethereum have added a combined $400 billion to their market capitalizations so far this year, with one analyst already predicting the bitcoin price peak.

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The bitcoin price last week topped $30,000 per bitcoin for the first time since June but has since fallen back along with ethereum despite Bank of America naming a surprise "key driver of digital asset adoption" that passed $1 billion in value last month.

Now, analysts with brokerage Bernstein have said a new "crypto cycle" has already begun for the price of bitcoin and ethereumthough this hasn't been fully appreciated.

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This will be the "first crypto cycle which will see participation from leading institutional investors," Bernstein strategists wrote in a report seen by Coindesk, with macro catalysts, a new bitcoin mining cycle, and ethereum upgrades all contributing to what they predict will create a new bitcoin and ethereum price bull run.

In March, two of the world's largest financial institutions with a combined $14 trillion in assets under management began quietly laying the groundwork for the next bitcoin, ethereum and crypto price cycle.

Following ethereum's long-awaited upgrade last week, ethereum cofounder and the project's spiritual leader Vitalik Buterin issued a stark warning over the future of the network that he said needs to be addressed before the next bitcoin, ethereum and crypto price bull run.

"The opportunity to build a new institutional financial stack on the blockchain remains a worthy goal, and serious participants remain focused on the long term," the researchers added.

FTX's sudden and surprise implosion late last year signaled the end of what the analysts called "toxic crypto leverage" and taught crypto traders the need for decentralization and self-custody wallets.

Meanwhile, this year's banking crisis that triggered a surge of outflows toward money-market funds and so-called systemically important banks has raised concerns over the "centralization of money."

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"Any potential dislocation, whether on the bank's credit side or on the sovereign side positions bitcoin perfectly as a safe-haven asset alongside gold," analysts Gautam Chhugani and Manas Agrawal wrote, adding to a Bernstein report earlier this month that said it's "irrational" to like gold and dislike bitcoin at this point in the macro cycle.

Earlier this month, JPMorgan analysts said the bank chaos vindicated many bitcoin, ethereum and crypto believersand issued a bullish bitcoin price prediction as a "hedge to a catastrophic scenario."

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

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Biggest Ever Crypto Cycle Has Already Quietly Begun After Huge Bitcoin And Ethereum Price Rally - Forbes