Bitcoin rose 8% on Monday as the cryptocurrency attempted to recover from last week’s sell-off.
Here’s where investors see cryptocurrencies headed in the future.
Kourtney Gibson, president of Loop Capital, tells how she’s gaining exposure to the crypto space.
“When we saw … Coinbase dip down to around $284, I jumped in that name just to play on the crypto play. I mean, bitcoin dropping before $50,000 — now I’m not an investor in Bitcoin, but I do like the exchanges, and I like the ability to participate in the Coinbase growth, so when that dropped down to around $284 last week I did get it.”
Meltem Demirors, chief strategy officer at Coinshares, sees a rotation within the crypto world.
“The Coinbase listing really was, for all intents and purposes, crypto’s big coming-out party. And so a lot of that leverage is still working its way through the system. There was a lot of momentum around last Wednesday [April 14] when that listing happened. But now what we’re seeing, again, is volatility has returned. Bitcoin has been trading sideways, but the trend that really is being talked about is the strength of ethereum. Bitcoin dominance dipped below 50% for the first time in nearly three years.”
Katie Stockton, founder at Fairlead Strategy, lays out the technical moves.
“What we’ve seen so far is just a loss of short-term momentum, but long-term momentum is very much to the upside behind most cryptocurrencies, and late last year we saw these massive base breakouts. So those base breakouts left very strong support in their wake with the upside follow-through that we saw, so I think we’ll see higher lows established, broadly speaking, and that there’s probably a lot of institutions out there looking to add exposure into this kind of corrective phase. They want to get that sort of uncorrelated exposure, and hopefully it will end up playing out that way.”
