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After a shocking month, Bitcoin gains a goods profit – Digitendz

Bitcoin is headed for the highest gain since July, providing some pleasant release to battered cryptocurrency investors — but it may be too soon to call a bottom.

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That’s the assessment of Kenetic Capital’s Jehan Chu after the largest digital token rallied on Wednesday, climbing 5.8 percent to $3,987 at 11:23 a.m. London time. Additions in Ether and XRP improved propel the Bloomberg Galaxy Crypto Index to a 6 percent rise, paring this month’s rout to 37 percent.

“What we are viewing is not yet a bottom, but a short-term buy opportunity,” said the Chu, managing partner at Kenetic Capital, a blockchain investment and advisory company. “Until we have the broader appropriation of decentralized applications, it will be hard to find a firm floor.”

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One technical pointer had advised Bitcoin was due to a short-term bounce. The cryptocurrency’s related strength index dropped to a record this month, according to Bitstamp prices that incorporate weekend trading, signaling it may have fallen too fast.

Refer link – https://economictimes.indiatimes.com/

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