The crypto rout has moderated on Wednesday, with all major coins all trading in the green ahead of Thanksgiving in the U.S.
Following a 10% plunge in the space of an hour late Tuesday, bitcoin
has rebounded on Wednesday, trading at $4,460.79, up 2.1% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange.
After logging six losing sessions over the previous seven, analyst Jani Ziedins of CrackedMarket said a short-term bottom may be around the corner and those brave enough could be in for some lucrative gains. “Look for the selling to continue over the next few days, but a bounce off of $3.5k-ish that returns to $5k is likely. While that doesn’t sound like a lot given the latest tumble, a bounce from $3.5k to $5k is a nearly 50% payout for just a few days of work,” he wrote.
“This is not for the faint of heart, but there will be nice rewards for those willing to jump aboard the inevitable bounce.”
Read: Bitcoin is imploding — here’s where bitcoin bulls and bears see it headed from here
Altcoin selloff steadies
Altcoins, which consist of all coins other than bitcoin, are mostly higher Wednesday. Ether,
has regained 0.5% to $131.84, Litecoin
is up 0.6% at $32.95, XRP,
is higher by 0.3% to 43 cents and Bitcoin Cash
was underperforming, trading down 7.9% at $239.50.
The broad-based rally has added $5 billion to the total value of all cryptocurrencies, according to data from CoinMarketCap.
Bitcoin futures moved higher on Wednesday. The Cboe Global Markets December contract
ended the session up 0.4% at $4,375 and the CME Group November contract
was up 3.5% at $4,420.
Read: Why bitcoin prices are staging a fresh collapse
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.
Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.
We Want to
Hear from You
Join the conversation