Cryptocurrency Market Update: Bitcoin Falls, Ether Holds Steady, Altcoins Mixed
The cryptocurrency market saw a mixed day on Thursday, with Bitcoin falling by 0.7% to $62,106. This decline comes after a surge in prices earlier this year, which saw Bitcoin reach a record high near $74,000 in mid-March. Despite the recent drop, some analysts believe that the price should have been supported by the halving event on April 19, which cut the issuance of new tokens in half.
However, J.P. Morgan strategist Nikolaos Panigirtzoglou suggests that the halving may have already been priced in, leading to the current downward trend. On the other hand, some experts believe that previous Bitcoin halvings have resulted in a delayed cycle of price rises, with a potential 9-12 month period of upward momentum expected.
In addition to Bitcoin, other cryptocurrencies were also mixed on Thursday. Ether, the second-largest crypto, was down 0.1% to $3,008.75, with the Securities and Exchange Commission expected to make a final decision on Ether spot ETFs this month. Optimism for a quick follow-up to the approval of Bitcoin ETFs has been muted, as concerns over liquidity and past SEC classification as a security remain.
Smaller cryptos like Cardano, Polygon, and Dogecoin also saw mixed movements on Thursday, with Cardano down 0.8%, Polygon off 0.5%, and Dogecoin dipping by 0.1%. Overall, the cryptocurrency market continues to experience volatility and uncertainty, with investors closely monitoring developments in the space.
For more updates on the cryptocurrency market, you can reach out to Adam Clark at adam.clark@barrons.com.