Bitcoin Increases Over the Weekend as Crypto Investors Continue to Look for Bottoms after about six months To sell
The largest cryptocurrency by market cap was up 4.6 percent on Monday, according to Coin Metrics. ether increased by about 5 percent.
Crypto continues to move in tandem with stocks. Futures tied to major stock averages were also all-time high on Monday morning. Investors are holding their breath while riskier assets see a rise in prices, unsure whether the moves are temporary or there is finally a more permanent reversal.
“After a 20 percent drop in April, token prices fell 27 percent in May,” JPMorgan research analyst Kenneth Worthington said in a note on Monday. “The already challenging April environment was extended into May The collapse of the UST algorithmic stablecoin Which prompted a combination of forced selling and uncertainty to negatively impact the broader crypto-ecosystem. While trading volume appears somewhat higher in May than a gloomy April, almost all other gauges of growth have declined in the past month.
According to Coin Metrics, last week both bitcoin and ether turned green for their first positive week in nine. This is the longest running loss for the cryptocurrency to date.
Last month, London-based Nikolaos Panigirtzoglu, another JP Morgan strategist, said he sees Nearly 30% upside for bitcoin Recently after washing.
Steve McClurg, Chief Investment Officer at Valkyrie Investments, said: earlier and may fall further by 30 percent.