Proactive Investors - Bitcoin and Ethereum gained ground in the last 24 hours but “enthusiasm is continuing to wane.”
Bitcoin was up 1.8% to US$27,313, its highest level in almost five days, while Ethereum added 2.5% over the last 24 hours, with the token at its most valuable level in almost two weeks.
Naeem Aslam, chief investment officer at Zaye Capital Markets, believes enthusiasm is continuing to wane.
“Bitcoin is headed in the direction of having one of its worst monthly performances of this year, and Ethereum is following in Bitcoin’s footsteps by heading in the same direction,” he said.
While both coins are on the way to recording monthly losses, Bitcoin does have the ability to post a 10% increase in a single day, meaning a potential revival is also just around the corner.
“However, such an event has not occurred with Bitcoin for quite some time, which is beneficial to the general investing narrative around Bitcoin since some investors have also been scared of the cryptocurrency’s volatility.”
Among some of the altcoins, Polkadot gained 1.6% to US$5.38, XRP added 0.4% to US$0.4628 and Polygon was up 3.2% to US$0.88.