Crypto market wrap: Bitcoin not dead yet, altcoin prices surge
Updated
Bitcoin showed that it is not dead yet on Monday as altcoin prices surged with it.
The world’s largest cryptocurrency surpassed $22,000 at one point before receding – and then exceeded the mark again later in the day. The strong performance contradicted bitcoin skeptic Peter Schiff’s recent claim that the top digital coin “is dead.”
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BTC to USD
Long way down
Schiff is the CEO and chief global strategist at Euro Pacific Capital and an outspoken economic commentator and bitcoin skeptic. He made the claim in a panel discussion hosted by Capital.com.
Bitcoin is a long way down from its November 2021 selling price of $70,000 (XX).
Out of fools?
“BTC really is just a modern example of the Greater Fool theory,” he said. “But I think the problem is we've run out of fools and that's why the price of bitcoin has dropped by about 70%.”
Investors and analysts have been monitoring bitcoin more closely than usual as it hovers between $20,000 and $22,000. Those two levels are viewed as key benchmarks that, if sustained for a prolonged period, could send bitcoin and – and the entire crypto market – up or down considerably.
ETH to USD
Contrarian approach
According to Capital.com analyst David Jones, investors took a contrarian approach to crypto and other investment markets on Monday, taking advantage of a widespread economic downturn.
Bitcoin was up about 9% in late afternoon trading in North American West Coast markets
In other words, investors were buying the dip – at least for the time being.
MATIC to USD
Ethereum also spikes
Ethereum (ETH) also spiked and was up about 17%. Its price surpassed $1,500 after hovering around $1,100 for much of last week.
Polygon (MATIC) was up 27%, while Stepn (GMT), Convex (CVX), CURVE (CRV) also gained more than 20%. All top 100 altcoins were well in the green – except stablecoins, which were down slightly in tandem with the US dollar.
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