There is an extremely welcomed sight of greens in the cryptocurrency market on show in the midst of the week as Bitcoin has shown fresh momentum to claw back near to the $3,800 mark. It lies at $3,823 at press time, rising from a meager $3,130 seen last week, which brought about predictions of a further dip taking it down to shores at $1,300 and below.
Almost all top crypto assets have gone up in the past 24 hours, which creates a further divide among experts and analysts, who continue to catapult their views in accordance to the market behavior. Finance expert and Senior Market Analyst at eToro, Mati Greenspan predicted last week that cryptocurrency prices will rally back sooner rather than later. The latest movement has shown him to be correct, at least for the time being. Talking to Block Publisher, Mati said:
I don’t pretend to know the future [but] I’m optimistic that it will rise.
Cryptos have proven to be a rather high risk investment of late, which has sparked a few contentions about its stability and long term prospects. However, Mati believes that it is always wise to not put all your eggs in one basket and shared his view that it is always good to diversify, rather than depend on a single asset’s performance in the market. He stated:
[but] Cryptocurrencies are a very high risk asset. So it always pays to diversify your investments.
Further analysis of market cap for Altcoins show that Bitcoin Cash has led resurgence, being the major winner of the day. The controversial forked coin climbed two places in market cap in the last 24 hours and traded at around $117.
Other impressive displays were made by IOTA, TRON and Ripple who showed gains by 20,18.5 and 14% respectively. The green day for the market overall was confirmed by ETH hitting $104, gaining 11 percent to rank safe third, still behind XRP which overtook it as the second biggest cryptocurrency.
The only bad news? This time last year, BTC sat comfortably at its peak recorded price of $20,000.