Bitcoin is at the forefront of the biggest profit since July, providing a welcome relief for the affected investors for crypto-currency – but it may be premature to call it the bottom.
It's Kenyan Capital's Jean Chu's estimate since the biggest silver digital token gathered Wednesday, climbing as much as 11 percent to $ 4,171. It closed at $ 6,302 in October. Gains in Ether, Litecoin, Zcash and XRP helped move the Bloomberg Galaxy Crypto Index to 10% increase, which rose to 34% this month.
"What we are seeing is not yet a bottom, but a short-term opportunity to buy," said Chu, a partner at Kenetic Capital, an investment and advisory blocking company. "While we do not have a wider adoption of decentralized applications, it will be difficult to find a solid floor."
One technical indicator suggested that Bitcoin was due to a short-term bounce. The relative strength of cryptavulation index fell to record this month, according to Bitstam's prices, which include weekend trading, signaling it could fall too fast.
Bitcoin is on track for its biggest progress since July 24, according to complex Bloomberg prices.