Tuesday, May 24, 2022
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Bitcoin Breaks USD 19,000, Hits Altcoin

On Tuesday, for the first time since December 2017 the most powerful cryptocurrency, bitcoin, was more than USD 19,000, whereas altcoin was corrected lower. BTC trades at U.S. $19,055 at pixel time (10:09 UTC) and is up by 2 percent in a day and 14.5 percent in a week. The cost rose in a month by 45 percent and in a year by 178 percent. At the same time, in the last hour, other coins from the top 10 club fell by 2 percent to 8 percent, trimming their solid gains earlier today.

“You suddenly have this nearly perfect backdrop that is not only lending validity to the asset class, but is also really demonstrating its staying power,” Michael Sonnenshein, managing director at Grayscale Investments, which operates the largest exchange-traded crypto trust, recently told Bloomberg. According to him, it’s “once again showing investors no matter how many times it gets challenged, that it has a way of emerging almost stronger or demonstrating its ability to be really, really resilient.”

Edward Moya, Oanda’s senior market analyst, however is doubtful about this development. “Today’s outlandish calls seem primarily based on momentum mania. I doubt institutional traders will allow Bitcoin to only go in one direction,” he told Bloomberg.

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