Key Points:
- After hitting its highest level above $23,000 since August over the weekend, Bitcoin was essentially unchanged on Monday.
- Even though Ether, the second-largest cryptocurrency by market cap, was down 0.4% since Sunday, it was still trading above $1,600. Binance’s BNB dropped 0.2%, Cardano’s ADA dropped 1.2%, and Ripple’s XRP increased by 4.2%.
After hitting its highest level above $23,000 since August over the weekend, Bitcoin was essentially unchanged on Monday. Even if the most recent surge has outperformed conventional equities, some people are unsure of how long the rally will last.
According to TradingView, the largest cryptocurrency by market capitalization decreased marginally over the previous day and was trading around $22,874.
“The bulls are asking whether this momentum could lead us into a new cycle,” B2C2’s Adam Farthing said. “BTC resistance at $25,000 is probably key. It would be a tough nut to crack, but prices above there would likely create a lot more interest from outsiders to get involved once again.”
Even though Ether, the second-largest cryptocurrency by market cap, was down 0.4% since Sunday, it was still trading above $1,600. Binance’s BNB dropped 0.2%, Cardano’s ADA dropped 1.2%, and Ripple’s XRP increased by 4.2%.
The Bernstein analysts Manas Agrawal and Gautam Chhugani were circumspect, stating that there are no indications of “any new capital allocations to maintain current surge,” making it unlikely that the gain will continue.
“As we interact with multiple institutional players, we do believe institutional capital will start positioning themselves in crypto in 2023, as crypto heads towards a more regulated asset class,” the analysts wrote in a note.
The crypto market is “firmly split between those who believe this is a bear market rally driven by short covering and those who feel that current prices simply represent a normalization after the chaos of late 2022,” according to Farthing.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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