Major cryptocurrencies including bitcoin and ether have surged over the past week, but technical indicators show they’re butting up against a key resistance level.
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Technical indicators show the price action between bitcoin and alternative tokens is nearing its highest correlation this year, indicating that a so-called alt season may be on the horizon.
The slide in cryptocurrencies accelerated on Monday, with bitcoin piercing below the $5 000 mark for the first time since October 2017.
Cryptocurrencies surged on Friday as optimism surrounding Ripple Labs’ plans for using a digital coin spread, lifting peers that have lost more than $600-billion of value since January.
The Great Crypto Crash of 2018 looks more and more like one for the record books.
Bitcoin recovered from the lowest level since June and scores of smaller digital tokens rallied as concern eased that investors are giving up on the virtual alternatives to cash after this year’s collapse in prices.
Bitcoin dropped below $6 000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up.
Bitcoin’s rebound continued on Tuesday as the largest cryptocurrency climbed past the $8 000 level for the first time in two months.
Cryptocurrencies extended their rebound on Wednesday as bitcoin traded above $7 500 for the first time in a month, shrugging off security and regulatory concerns that have plagued the digital currency.
The US$500m heist of digital tokens from Japanese exchange Coincheck on Friday is remarkable for its sheer size, but thefts in the lightly regulated world of cryptocurrencies are woefully frequent. In less than a