Over the weekend, investors continued to look for a bottom after a rough six months of trading.
The largest coin by market cap went up on Monday. The price of ether increased by nearly 5%.
The stock market has continued to move with cryptocurrencies. Major stock averages futures were all higher on Monday. While watching risk assets move higher, investors are unsure if the moves are temporary or if a more permanent reversal is finally here.
It's too early for some people.
The head of research at Valkyrie Investments said that the relief rally is a bull trap and that it is more than likely going to resume the downward trend. Uncertainty in the global economy due to high inflation and the likelihood we are in a recession are likely to force all assets downward at least through the end of the summer.
Many institutions and large corporates are unlikely to let their trade go too far underwater, so we still believe that the confluence of factors will lead to a fall of as low as $22,000 before a rally later this year.
It was the first positive week for ether in nine weeks. It was the longest losing streak in the history of the Cryptocurrencies.
Since hitting its all-time high in November, the price of the digital currency has plummeted. After the Terra collapse it was trading in a tight range.
After a 20% decline in April, the price of token fell 27% in May. The collapse of the UST algorithmic stable coin in May caused a combination of forced selling and uncertainty to negatively impact the broaderCRYPTOSYSTEM. While trading volume appears to have increased in May from a depressed April, nearly all the other indicators of growth have declined.
According to Worthington, there is a need for a fresh catalyst, and that it could be theEthereum merger.
After the recent washout, a London-based strategist for JP Morgan said he sees about 30% upside for the digital currency.
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