Bitcoin, Ethereum & Crypto Co See Mixed Performance as Analysts Disagree on Short-Term Price Moves
Following heavy selling during the Asian trading session today, bitcoin (BTC), ethereum (ETH) and other major cryptocurrencies trimmed some of their losses later in the day, with some coins seeing strong 24-hour gains and others slight losses at press time.
At 10:18 UTC, BTC traded at USD 42,524, down by 0.7% for the past 24 hours. At the same time, ETH traded at USD 3,260, down by 2.2% over the same time period.
In terms of other notable movers in the crypto market, the smart contract protocol Cosmos’ native token ATOM rose by an impressive 21% to USD 43.47, coming in as the day’s strongest performer among the top 100 coins. Meanwhile, the popular crypto game's coin decentraland (MANA) rose by 14.6% to USD 3.26.
The mixed market action today follows an extended period of selling in the crypto market, with bitcoin earlier today hitting a low of USD 41,000 – its lowest level since a consolidation period that ended on September 29.
Commenting on the next price levels to keep an eye on, prominent crypto bull and CEO of Galaxy Digital, Mike Novogratz, said that USD 38,000 could be “a floor” for bitcoin.
“I know big institutions who are going through their process to put positions on […] I think they are going to see those as attractive levels to buy,” Novogratz said to CNBC on Thursday. “On the charts, 38-40 [thousand] feels like where we should bottom,” the large crypto investor added.
And while some are arguing that chart technicals could save the day, others warn about macroeconomic headwinds, saying bitcoin is now trading in a similar way as other mainstream risk assets.
Commenting on the latest market action in a recent blog post, former BitMEX CEO Arthur Hayes said:
“If I believe that Bitcoin could trade below [USD] 30,000 and
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