Bitcoin (BTC) continues to struggle to rebound from the weekend’s steep decline. The leading crypto currency rebounded by almost 2%, and surpassed USD 56 K. However, at the close of this note, BTC suffered a further correction of 1% that brought its price to USD 55,300.
The slow but sustained growth of BTC after experiencing a strong correction fuels the expectations of the most optimistic analysts, but the strategists of the US bank JP Morgan drew figures to determine the risks in the short term. According to the bank’s experts, BTC must break the 60K barrier as soon as possible, if it does not want to see a new correction that will make it lose another 10% of its value.
Analysts suggest that BTC flows to large mutual funds (mainly Grasycale) have also declined in recent weeks, so the recent pullback found its reasons in multiple causes.
On the other hand, there are factors that fuel the bullish sentiment. Crypto trading platform Venmo, owned by PayPal, began offering crypto services yesterday. In this way, its more than 70 million customers will be able to buy, hold and sell crypto currencies directly from its app.
The protagonist of the day, however, was Ethereum (ETH). The benchmark altcoin grew more than 12% and climbed back above $ 2,400. As of press time, the ETH price is $ 2,435, and it’s almost 5% off its all-time high.
Other encouraging growths in the last 24 hours were those of Binance Coin (BNB) and Uniswap (UNI), which jumped by 10% and 20%, respectively, thus trading at $ 582 and $ 35.66.
On the other hand, XRP and Cardano (ADA) jumped by 4% and 6%, reaching $ 1.38 and $ 1.26, respectively. Polkadot (DOT) and Litecoin (LTC) are up 5% and 8%, so their price is hovering around $ 35.87 and $ 282.