Bitcoin back to $46k, but doesn’t outperform other cryptos | Future of Money

Bitcoin recouped losses from last Thursday, 12, which saw the cryptocurrency trade below $44,000 after several days of highs – hitting the day’s low of $43,800.

The world’s largest cryptocurrency by market value has risen 1.5% in the past 24 hours and trades at the time of publication for approximately $46,538.

Bitcoin comes close to the projection of experts, who predict prices of $50,000 for the cryptocurrency in the near future.

“We found that many investors were taking advantage of recent market moves by profiting from it,” said Asher Tan, CEO of cryptocurrency broker CoinJar. “There is a trend of conservatism among users who invested earlier this year at similar price levels, who are slightly trimming their (bitcoin) holdings.”

In fact, the total daily volume of bitcoin at several brokers, including Bitstamp, remains flat when compared to previous months, especially the end of May.

(TradingView/Coindesk/Playback)

“While recent price movements have seen activity in the markets pick up, global trading volumes are nowhere near where they were the last time the price hit $45,000 – they are much lower,” said Janine Grainger, co-founder of Australian brokerage Easy Crypto.

The co-founder points out that new investors are cautious since they experienced market volatility when the May sell-off sent prices down 50%, from $56,700 to the $30,000 range in just over a week.