For instance, US Bank launched its own bitcoin custody service last week.
Other pieces of news substantiate this suspicion of growing institutional activity. Most notably, institutional interest in BTC appears to be increasing once again.įor one, JPMorgan released an investment note last week indicating that institutions are turning away from gold and towards BTC as an inflation hedge. Indeed, there are numerous reasons to believe that $55,000 may only be the beginning of BTC’s end-of-year rally. In other words, we’re in the eye of a bullish storm, and now’s a good time to enter at a discount. This suggests that, at the present moment in time, it’s being oversold a little. On the other hand, its relative strength index has dipped below 40. On the one hand, its 30-day moving (red) has elevated well above its 200-day average, indicating a new trend. Thanks to its recent rally, it’s now only 15% away from its current ATH of $64,804, set in April.īTC presents a couple of technical indicators which, when appearing at the same time, are arguably bullish. However, it’s up by 7% in the past week and by 35% in the last 14 days. At $55,223, it has dropped by 4% in the past day. Bitcoin (BTC)īTC may be down, but it would be foolish to count it out. This covers coins that have good long-term as well as short-term potential. As such, we list below our 5 next cryptocurrency to explode. This suggests that the current rally has merely shifted its focus. However, a range of altcoins have jumped in the past day. Bitcoin (BTC) is the main cause of this slide, with the coin falling by 4% in the past 24 hours. Its overall value stands at $2.38 trillion, 1.6% lower than yesterday.
The cryptocurrency market continues its mini-comedown after recent exuberance.