Another week, another round of Crypto Tidbits.
It’s been a volatile week for the price of Bitcoin and other top digital assets. After our last Crypto Tidbits, the price of the leading cryptocurrency rallied as high as $12,200, then plunged around $1,700 in the span of five minutes in the worst crash since March 13th. Ethereum fell even further, plunging approximately $90 to $325. The move liquidated around $1 billion worth of leveraged positions across crypto futures markets, according to data provider ByBt.
Since the flash crash, Bitcoin, Ethereum, and the rest of the crypto gaggle have bounced between local highs and lows. The chart below shows the volatility in the price of BTC well.
Right now, analysts are cautious in the short-term as BTC seems primed to lose the support of $11,500. Due to historical precedent, analysts have said that $11,500 is the level that Bitcoin bulls must surmount to cement the macro uptrend that began to form last week.
Chart of BTC's price action over the past week or so from TradingView.com
As Bitcoin and Ethereum have bounced back and forth, certain altcoins have performed extremely well.
Chainlink moved past $10 for the first time ever this week, rallying higher as buyers rushed in. Analysts see upside for the cryptocurrency as it prints strong technical signals.
A cryptocurrency that has also been doing well is Band Protocol (BAND), a competitor to Chainlink. The asset gained 50% in the span of five minutes because Coinbase Pro announced its intentions to list the altcoin.
Investors remain bullish on the cryptocurrency markets despite the overall weakness. Speaking to CNBC, Galaxy Digital’s Mike Novogratz said that BTC is on track to hit $20,000 this year. He referenced the ongoing shift in interest from stocks to hard assets like gold and Bitcoin spurred by money printing:
“A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin. There’s an adoption game in bitcoin that you don’t have in gold. But I like them both.”
Related Reading: Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches
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