Bitcoin, Ethereum and Dogecoin End September Higher
- Posted on June 3, 2022
Analysts set sights on a recovery in October, while cryptocurrencies end September higher
bitcoin
and Ethereum
The global cryptocurrency market capitalization surged 4.92% to $1.93 trillion in a surge late Thursday.
What happened
The top cryptocurrency gained 4.75% in 24 hours to $43,866.79. ETH is down 2.11% over the past 7 days.
After a 24-hour tracking period, ETH traded up 4.9% to $3,029.68. For the week, the second-largest coin by market cap is down 3.4%.
Dogecoin Governor
It rose 2.38% to $0.20. After 7 days of follow-up, DOGE lost 9.7%.
After 24 hours on Thursday, Qtum was the cryptocurrency’s biggest gainer, according to data from CoinMarketCap. The coin surged 18.67% to $10.83 in 24 hours. It was down 0.49% for the week.
QTUM, the token of the blockchain proof-of-stake (PoS) smart contract platform, gained 12.68% and 12.42% against BTC and ETH, respectively, over a 24-hour period.
because it matters
Bitcoin crossed the $42,000 mark in a week amid regulatory uncertainty in light of China’s Bitcoin ban.
Ballet Crypto founder and CEO Bobby Lee noted this week that he is “very bullish on Bitcoin, especially as it will experience a rally before the end of the year, which is a FOMO rally this year.”
“So I expect bitcoin prices to surge again in the coming weeks and months,” Lee added in an interview with Bloomberg.
Lee’s claim that China is not done with cryptocurrencies is not “the last nail in the coffin.” He added that this happens when the country declares possession of cryptocurrencies illegal. But that hasn’t happened yet, according to industry veterans.
Regarding China’s crackdown, Bitpanda’s chief product officer Lukas Enzersdorfer-Konrad said in an email: “China has cracked down on cryptocurrencies many times in the past, and almost every time. When prices drop, they quickly recover.”
“The price drop has been substantial, but it should be noted that long-term on-chain data remains very positive, suggesting that once Bitcoin prices find support, this could be an opportunity to buy the dip,” Enzersdorfer wrote. – Konrad.
Meanwhile, CoinDesk reported, citing previous data, that analysts expect a recovery in the cryptocurrency in October as BTC generates positive returns in the fourth quarter.
According to CoinDesk, “Finally, BTC needs to break above $47,000, signaling the resumption of a broader uptrend.”
Analysts set sights on a recovery in October, while cryptocurrencies end September higher