The crypto rout has moderated on Wednesday, with all major coins all trading in the green ahead of Thanksgiving in the U.S.
Following a 10% plunge in the space of an hour late Tuesday, bitcoin
has rebounded on Wednesday, trading at $4,460.79, up 2.1% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange.
After logging six losing sessions over the previous seven, analyst Jani Ziedins of CrackedMarket said a short-term bottom may be around the corner and those brave enough could be in for some lucrative gains. “Look for the selling to continue over the next few days, but a bounce off of $3.5k-ish that returns to $5k is likely. While that doesn’t sound like a lot given the latest tumble, a bounce from $3.5k to $5k is a nearly 50% payout for just a few days of work,” he wrote.
“This is not for the faint of heart, but there will be nice rewards for those willing to jump aboard the inevitable bounce.”
Altcoin selloff steadies
Altcoins, which consist of all coins other than bitcoin, are mostly higher Wednesday. Ether,
has regained 0.5% to $131.84, Litecoin
is up 0.6% at $32.95, XRP,
is higher by 0.3% to 43 cents and Bitcoin Cash
was underperforming, trading down 7.9% at $239.50.
The broad-based rally has added $5 billion to the total value of all cryptocurrencies, according to data from CoinMarketCap.
Bitcoin futures moved higher on Wednesday. The Cboe Global Markets December contract
ended the session up 0.4% at $4,375 and the CME Group November contract
was up 3.5% at $4,420.
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