Bitcoin and other cryptocurrencies rose on Thursday, rebounding from a broader, stock-market-led selloff in recent days. They were in position to continue their rally and potentially reach their highest levels in months – if stocks cooperate.
The price of Bitcoin has risen less than 1% in the past 24 hours to $24,300, after topping $24,500 in earlier trade. The biggest digital asset tumbled below $24.00 at the bottom of a recent slide, but is now heading closer to $25,000 – levels it has flirted with since mid-February…
Bitcoin
and other cryptocurrencies rose on Thursday, rebounding from a broader, stock-market-led selloff in recent days. They were in position to continue their rally and potentially reach their highest levels in months – if stocks cooperate.
The price of Bitcoin has risen less than 1% in the past 24 hours to $24,300, after topping $24,500 in earlier trade. The biggest digital asset slipped below $24.00 at the bottom of a recent slide, but is now heading closer to $25,000 – levels it has flirted with since mid-February and which, if held, would be its highest consistent price since last June . Bitcoin’s rally to start 2023 – a rise of around 50% – has spurred another bull market, although prices remain well below the late 2021 high near $69,000.
“Bitcoin came under pressure on Tuesday and Wednesday amid falling stock indexes. Last night the decline stopped, helping the crypto market recover some of its losses,” said Alex Kuptsikevich, an analyst at brokerage FxPro, noting that Bitcoin ended below $24 000 on Wednesday for the first time in eight days.
While Bitcoin’s outperformance this year has countered its correlation to the stock market — strengthening amid 2022’s tough macroeconomic backdrop of high inflation and rising interest rates — cryptos have recently fallen back in line with stocks. The
Dow Jones Industrial Average
and
S&P 500
has been under pressure in recent days as investors worry that the Federal Reserve will continue to raise interest rates aggressively this year as the central bank continues to battle inflation.
Beyond Bitcoin,
Ether
—the second-largest digital asset—rose 1.5% to $1,675. Smaller cryptos or altcoins were also positive, too
Cardano
climbing 2% and
Polygon
jumped 3%. Memecoins were more mixed, with
Dogecoin
however down 1%
Shiba Inu
jumped 3.5 percent.
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Write to Jack Denton at [email protected]
