12 Apr Are the bitcoin market dog days done?
The cryptocurrency market heaved a huge sigh of relief this morning and started the long road back to a return on investment for battered bitcoin believers.
Bitcoin bounced back by more than $1,000 in the past 24 hours, briefly crossing $8,000 before settling in at around $7,700, up 11.2%, in midday trading.
Are the dog days over?
In a client newsletter, CEO of Pantera Capital Management Dan Morehead and Chief Investment Officer Joey Krug say the dog days are over:
“For those who are new to Pantera who might think a fund manager like Pantera would always be saying ‘Today’s a great day to get long,”’ wrote Pantera’s Dan Morehead and Joey Krug. “I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher.”
Pantera and the market’s optimism is based on bitcoin crossing its 200-day moving average, indicating an upward trend may be underway.
Other coins moved up too
Other digital coins moved up too with many gaining more than 10% over the past 24 hours including Ethereum (+10.3%), Ripple (+17.4%), Bitcoin Cash (+9.4%), EOS (+ 14.3%) and Litecoin (+9.3%).
Overall, market capitalization rose from $268.6 billion to $301.8 billion, an increase of 12.4% in just four hours.
You can check the cryptocurrency market and more than 150 of the top global digital coins for updates every five minutes at Blockcoin Today’s coin market cap page.
Bitcoin still has a long way to go before reaching its 2017 high of almost $20,000. Several analysts, including Tom Lee at Fundstrat think $20,000 bitcoin by year-end is still possible.
As we move past tax season in the US and with some positive news in the regulatory world, bitcoin and cryptocurrencies broadly, may be ready to bounce back.
Let’s hope these dogs all come out to play and hunt again.
Visual of bitcoin market via Bloomberg