Bitcoin and Ethereum both added to gains after their midweek recovery, although it has been a mixed bag for the crypto market with many coins in the
Bitcoin and Ethereum both added to gains after their midweek recovery, although it has been a mixed bag for the crypto market with many coins in the red, despite more positive sentiment in stock markets.
The largest coin by market cap climbed back above the US$40,000 mark overnight but was unable to trade above its key support level for any sustained period, gaining only 0.32% to US$39,508 over the past 24 hours.
Ethereum was stronger, rising 1.26% to change hands at US$2,922, although it hasn’t traded above US$3,000 for the last three days and like Bitcoin remains near monthly lows.
Most other cryptos lost ground despite more confidence shown by investors in global equity markets.
Increasingly over the last year or so, crypto markets have mirrored the movements of global stock markets, in particular the tech-laden Nasdaq in the US and the Hang Seng in Hong Kong.
Both markets rebounded strongly after a few days of losses, with the Nasdaq up more than 3% to recover from its lowest point in a month on Wednesday, while the Hang Seng has made similar gains this morning, up 3.22%.
However, the dip-buying bullishness for share investors has not translated to all cryptos, which may suggest investors are not willing just yet to put their money in some of the less established tokens.
Among the altcoins, Terra was down 3.56% to US$86.56, Solana down 1.47% to US$97.75 and Dogecoin was up 1.38% to US$0.1417.
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