A rally in cryptocurrencies Tuesday took Bitcoin out of a one-month-old trading range and ignited big jumps in smaller tokens commonly referred to as altcoins.
The largest virtual coin climbed as much as 10% to $23,684, a level it was last at in mid-June, or just after the collapse of crypto lender Celsius Network. Ether at one point added almost 11%. Solana also achieved a double-digit percentage gain.
Bitcoin has struggled to escape a $19,000 to $22,000 range as investors lick their wounds from a rout sparked by tightening monetary policy and exacerbated by the toppling of Celsius and the TerraUSD stablecoin in May. It has retreated from a record high of almost $69,000 in November.
“I think the worst happened,” Galaxy Digital Chief Executive Mike Novogratz said at the Bloomberg Crypto Summit. Novogratz reiterated that he still maintains a five-year forecast of $500,000.
A sustained break above $22,000 could renew the speculative momentum that can grip crypto assets in the blink of...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...