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Bitcoin is aiming for the biggest gain since July, providing welcome relief to investors slipping into cryptocurrency – but it may be too early to call a fund.
That's Jehan Chu's appreciation of Kenetic Capital after the rise of the biggest digital token Wednesday, which climbed 11% to $ 4,171. It closed at $ 6,302 in October. Earnings from Ether, Litecoin, Zcash and XRP contributed to the 10% rise in the Bloomberg Galaxy Crypto Index, bringing the month's rout to 34%.
"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.
Bitcoin is on track for its biggest increase since July 24, according to Bloomberg's composite prices.
Now read: The sale of Bitcoin could become its worst crash
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