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Bitcoin is aiming for the biggest gain since April, providing welcome relief to investors losing traction in cryptocurrency – but it may be too early to call a fund.
That's Jehan Chu's badessment of Kenetic Capital, after the biggest digital token came back on Wednesday, up 15% to $ 4,339. Ether, Litecoin, Zcash and XRP gains contributed to a 16% rise in Bloomberg Galaxy's Crypto Index, bringing down this month's defeat to 30%.
"What we're seeing is not yet a fund but a short-term buying opportunity," said Chu, managing partner of Kenetic Capital, a blockchain consulting and investment firm. "As long as the decentralized applications are not adopted more widely, it will be difficult to find a solid floor."
A technical indicator had suggested that bitcoin was due to a short-term rebound. The relative strength index of cryptocurrency has fallen to a record this month, according to the Bitstamp prices that incorporate weekend trading, indicating that it may have fallen too quickly.
© 2018 Bloomberg L.P
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