Bitcoin in Recovery Mode, Crypto Stocks Outperform
Bitcoin (BTC) reached a session high of $43,300, its highest level in almost three weeks, as bullish sentiment improved among crypto traders.
Some alternative cryptocurrencies (altcoins) also edged higher on Tuesday, even as alts' recent gains against bitcoin were starting to fade. For example, ether (ETH), the second-largest cryptocurrency by market capitalization after bitcoin, rose above $3,000 for the first time in two weeks and was up 3% over the past 24 hours, compared to a rise of as much as 4% in BTC over the same period. Meanwhile, Terra's LUNA token was down 3% over the past 24 hours.
But some analysts remain cautious despite the recent price rise. "This is not the first such jump in BTC since the beginning of March, in contrast to the neutral or even negative sentiment in the stock markets," Alex Kuptsikevich, an analyst at FxPro, wrote in an article. "Until now, such impulses cannot be on a solid basis, because the fundamental demand for risks is under obvious pressure."
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