Bitcoin (BTC) was higher on Monday at around $33,000, rebounding after a 9.9% drop in the seven days through Sunday, the biggest weekly drop since August.
“Bitcoin is seeing some consolidation itself after surviving another run at $30,000,” Craig Erlam, senior market analyst for the London-based foreign exchange brokerage Oanda, wrote Monday in an investor update. “A move back above $35,000 may start to change the conversation but the trend is against it these last few weeks and a move lower still looks more likely.”
Ether (ETH), the main cryptocurrency of the Ethereum blockchain, rose early Monday to a new all-time high price of $1,476.12. Ether, which is the second-biggest digital asset by market value after bitcoin, has nearly doubled just in January alone.
“Given the dip from bitcoin and the steadiness of [ether], we could see investors move capital into the latter as they look for the next crypto asset that is going to perform in the current bull run,” David Derhy, an analyst with the trading platform eToro, said in emailed comments.
In traditional markets, Asian and European shares rose and U.S. stock futures pointed to a higher open as investors weighed the odds of more economic stimulus. Gold strengthened 0.4% to $1,864 an ounce.
Bitcoin is coming off its worst week in almost five months, but the main takeaway, according to veteran digital-market traders and analysts, is that it wasn’t really all that