Bitcoin, other cryptocurrencies are trying to come back – What to watch
Bitcoin rose 8% on Monday as the cryptocurrency tried to recover from last week’s sell off.
Here’s where investors see cryptocurrencies heading in the future.
Kourtney Gibson, President of Loop Capital, shares how she’s gaining exposure to the crypto space.
“When we saw … Coinbase diving to around $ 284, I jumped into that name just to play the crypto game. I want to say, bitcoins falling before $ 50,000 – now I’m not an investor in Bitcoin, but I love exchanges and I love the opportunity to participate in the growth of Coinbase, so when that fell to around $ 284 last week, I got it.
Meltem Demirors, Chief Strategy Officer at Coinshares, sees a rotation in the crypto world.
“The Coinbase listing was really, to all intents and purposes, the big crypto exit party. And so a lot of that leverage continues to work its way into the system. There has been a lot of momentum around it. last Wednesday [April 14] when this listing took place. But now what we are seeing, again, is that the volatility has returned. Bitcoin has traded sideways, but the trend we’re really talking about is the strength of ethereum. Bitcoin’s dominance fell below 50% for the first time in nearly three years. “
Katie Stockton, Founder of Fairlead Strategy, exhibits technical movements.
“What we’ve seen so far is just a loss of short-term momentum, but long-term momentum is very much on the upside behind most cryptocurrencies, and at the end of the ‘last year we saw these massive base breakouts. So those base breakouts remained very strong support in their wake with the bullish follow that we saw, so I think we will see higher lows established, of generally speaking, and that there are probably a lot of institutions looking to add exposure to this kind of correction phase. They want to get that kind of uncorrelated exposure, and hopefully that will eventually roll out of the way. this way.”