Bitcoin rose over the weekend as cryptocurrency investors continued to look for a bottom following a rough six months of selling.
The largest cryptocurrency by market cap was up by 4.6 percent on Monday, according to Coin Metrics. Ether advanced nearly 5 percent.
Crypto has continued to move in tandem with stocks. All three of the major stock averages were higher on Monday, too.
Investors have been holding their breath while watching prices across risk assets move higher, uncertain if the moves are temporary or if a more permanent reversal is finally here. Some still say it’s too early, however.
“We believe this relief rally is a bull trap, and that bitcoin may have a short-lived gain, but is more than likely going to resume the downward trend we’ve seen for the past two months,” said Josh Olszewicz, head of research at Valkyrie Investments.
According to Coin Metrics, last week, bitcoin and ether both turned green for their first positive week in nine months. That was the longest-running losing streak for the cryptocurrencies.
Bitcoin has more than halved since hitting its all-time high of $68,982.20 in November. It was trading in a tight range this year before falling below $30,000 this month after the Terra collapse.
This report’s information was first seen on CNBC; to read more, click this link.
