Bitcoin Gold prices were back above $95,000 on Wednesday, recovering slightly from this week’s retracement to record highs.
The price of the flagship cryptocurrency was last up 5% at $95,886.00, according to Coin Metrics, while ether It rose more than 7% to $3,555.82. The broader crypto market, as measured by the CoinDesk 20 index, rose 5%.
Although Bitcoin is widely viewed as a store of value and a digital alternative to gold, the cryptocurrency typically trades in tandem with the stock market. On Wednesday, however, it decoupled from the tech-heavy Nasdaq, which fell 1%. The Dow Jones Industrial Average and S&P 500 also fell.
Coin Library The stock rose more than 2% as Bitcoin and other cryptocurrency stocks rose. Robin Hood – The company, which offers cryptocurrency trading and is seen as a beneficiary of a more crypto-friendly environment under the incoming Trump administration, rose 4%. micro strategyBTC, which trades as a proxy for Bitcoin, rose 7%.
Since the election on November 5, Bitcoin has been hitting new highs, rising by about 38%. It rose as high as $99,849.99 on Friday before testing support at $90,000 this week.
“The Bitcoin bull run is supported,” Alex Thorn, head of company-wide research at Galaxy Digital, said in a report on Wednesday. “There will be corrections and hiccups, that’s normal. Coming soon The outgoing Biden administration may even take some twilight regulatory or enforcement actions to unsettle markets, but the new U.S. is shaping up to be an extremely pro-Bitcoin government, solidly positioned as institutional, corporate and potential nation-state adoption increases. and network data all suggest Bitcoin will move higher in the short to medium term.
Fairlead Strategies’ Katie Stockton told CNBC’s “Squawk Box” on Monday that at current levels, Bitcoin investors are in “uncharted territory, and there’s resistance — which, of course, is non-existent. Meanwhile, support is around $74,000 Just two weeks ago, on November 13, Bitcoin hit $92,000 for the first time.
“Bitcoin does tend to stair its declines and rises, which means it sees these very sharp moves up and then consolidates,” she said. “People should… be willing to give Bitcoin, and cryptocurrencies in general, more room — because of the volatility and the long-term potential there.”
Bitcoin is up 124% this year and is still widely expected to reach the $100,000 milestone before the end of the year. Ethereum has been the outperforming cryptocurrency since the election, trailing Bitcoin with a 55% gain so far this year.
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