Bitcoin Rallies, Almost Hits Pre-Crash Level, Ethereum & Co Jump Too
The most popular cryptocurrency, bitcoin (BTC) rallied on Thursday sharply, almost recovering all losses suffered on Black Thursday in March. (Updated on April 24, 06:32 UTC, when BTC trades at c. USD 7,557: updated in bold.)
At pixel time (14:55 UTC), BTC trades at c. USD 7,573 and is up 5% in an hour and 6% in a day. The price increased 8% in a week and 12% in a month.
BTC price chart:
Other major coins are also up around 3%-4%, except tezos (XTZ), which rallied 9% in a day and 25% in a week. Also, XTZ is the only top 10 coin that is in green against BTC today.
Meanwhile, US stocks also rose today as investors weighed the latest economic and earnings data to determine the coronavirus’s damage to global growth.
With the token nearing the top of its recent trading range, it could have enough momentum to break above the USD 8,000 level, according to Ed Moya, a markets analyst at Oanda Corp., Bloomberg reported.
“Bitcoin is starting to attract retail interest again. With worldwide stimulus efforts showing no signs of easing, some traders are jumping into cryptos as a hedge against currency wars,” Moya wrote in a note.
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, said recently that bond yields that are headed “toward zero,” combined with a volatile stock market and rising national debt levels are improving the “fundamental and technical underpinnings” for both gold and bitcoin, and that this is even more so the case now compared to before the COVID-19 outbreak.
Meanwhile, as reported, with the stablecoin market remaining at record-high levels for well over a month, more analysts are taking it as a sign that crypto traders have not given up on higher prices, but are simply waiting for an opportunity to enter bitcoin and other digital assets once again.
The current macroeconomic backdrop has never been more conducive for “a non-sovereign, censorship-resistant, provably scarce digital asset,” Kevin Kelly, Co-founder of crypto research boutique Delphi Digital, said.