As we are into the weekend, crypto prices as per the general trend are again seen trading lower, barring Bitcoin. At the time of writing this copy 10:21 pm IST, bitcoin on the blockchain news outlet traded higher in price by 1.63% at $34,085, while other among top cryptos listed on the platform USD Coin, NuCypher and Tezos were only trading higher by just over 1 percent.
While all others including the likes of Ethereum, Ripple, Dogecoin-which though is not the part of Top 20 assets were trading weak, with maximum drag on the EOS crypto of over 5%.
“The possibility of price action dropping into the mid-$20,000 range is alive, but traders looking for a retest of previous all-time highs will likely be disappointed,” Sean Rooney, head of research at crypto asset manager Valkyrie Investments, wrote in an email to CoinDesk.
It is being suggested that as cryptocurrencies correlation to the US index S&P 500 index is gaining while with that of commodities is continuing to decline. BTC can make for a good asset for diversifying one’s portfolio across equities, cryptos and bitcoin.
Also, the US Fed is of the view that the recent price increase for cryptos points to increasing risk appetite of investors for cryptos.
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Story first published: Saturday, July 10, 2021, 22:33 [IST]