Bitcoin And Ethereum Climbs Off Lows After Week Of Selling

Blockchain, Technology, Smart, Bitcoin, Money

Image Source: Pixabay

Bitcoin and peers endured further selling for much of the weekend before a rally overnight halted the downturn.

Both Bitcoin and Ethereum have experienced technical bear markets in the last week, coming off the back of major gains since the start of the year.

Bitcoin fell as low as $43,000 over the weekend, while Ethereum dropped to a one-month low of $1,300 before both recovered somewhat to $45,000 and $1,400 respectively. The drops from recent highs came after technical indicators such as the RSI (Relative Strength Index) and Stochastics across numerous chart timeframes indicated that the cryptoassets were overbought.

Nonetheless, even accounting for the falls, bitcoin remains some 50% higher than the $30,000 level it started the year at, while Ethereum has doubled from the $700 level it was trading at on 1st January.

Looking further out, lower prices in the short-term do not detract from the long-term potential for cryptoassets, nor change the fact that these assets represent an alternative to fiat currencies which have been devalued by a decade of accommodative monetary policy. It is little wonder so many investors are looking for alternative stores of value.

As we have seen from whipsawing prices in the last few weeks, and on previous occasions, many of the sell-offs are actually acting as buying opportunities for investors keen to get into cryptoassets for the first time.

Google Finance adds a crypto tab

Google Finance, one of the most trafficked finance hubs globally, has added a new dedicated tab exclusively for cryptoassets.

Covering major tokens including Bitcoin, Ethereum, and Litecoin, the new functionality allows users to check live prices in their home currencies.

The section, titled “Crypto,” now appears in the “Compare Markets” category alongside conventional stock and currency markets, amid cryptoassets’ growing importance and widespread use.

Coinbase announces its long-awaited IPO

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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