Crypto assets seem to have cooled down a bit on Thursday after volatile trading on Wednesday. BTC fell below the $20,000 point on Wednesday and altcoins also took a bit of a hit. On the bright side, BTC was able to regain its position above the $20,000 point on Thursday.
Bitcoin / TetherUS 1D (Source: TradingView).
According to CoinMarketCap, BTC is currently trading at $20,907.24 after reaching a high of $21,266.39 over the last 24 hours. Although BTC is currently up 2.16% over the last day, the crypto is still down 0.70% over the last 7 days.
The fact that BTC is once again over the $20k point is pivotal for the crypto market as low prices for extended amounts of time could mean trouble for crypto exchanges. If prices remain low, analyst Riyad Carey explains that volumes will decrease, hedge funds will unwind and fees will compress, putting exchanges to the test.
BTC was not the only crypto that experienced some relief since Thursday. Ethereum (ETH) is currently up about 5.06% over the last 24 hours and is trading at $1,148.70.
Some altcoins benefitted from the positive sentiment and surged throughout the day, and are still up. Other altcoins like MATIC and Cosmos (ATOM) are also in the green with these cryptos being up 17.97% and 8.75% respectively.
Thursday brought some relief to the stock markets as well. The S7P 500 was up 1% on Thursday and the Nasdaq rose by 1.5% which could be a sign of improvement toward riskier assets.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
