Regardless of the brutal weekend sell off, two cryptocurrencies increased on Monday, even though they were well off all-time highs reached in June.
According to CoinDesk data, Bitcoin was about 5% higher at $2,036, after dropping below $1,900 on Sunday. On the other side of the equation, Ether was up roughly 5% on Monday at $169.
The chart below illustrates how Bitcoin lifted above its low hit Sunday:
However, this chart shows how Bitcoin remains below its June peak:
As of right now, Bitcoin is more than 30% below its June 11 closing high around $3,018, and Ether is cut in half relative to its June peak.
If you’re a cryptocurrency investor, you are probably aware that there has been a tremendous amount of pressure budding on these two currencies. Additionally, Bitcoin has struggled with the news that competing software updates could split in two by August 1.
According to Spencer Bogart of Blockchain Capital, bitcoin’s price could drop lower before it heads high. However, he suggested that investors might want to think about purchasing the cryptocurrency using dollar-cost averaging.
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