Bitcoin and Ethereum were relatively unchanged as investors stayed on the sidelines following a roller-coaster two weeks in global markets, with so called bargain prices tempting only the bravest.
Bitcoin rose 1.5% to US$20,402 in early trade, holding for now above its key US$20,000 support level. Its closest rival by market value, Ethereum, advanced 0.6% to US$1,089.
“The crypto king is holding on to its ground, while crypto traders are praying that price doesn’t violate its recent lows,” Naeem Aslam, Avatrade chief market analyst, said. “One thing is pretty sure, retail traders are pushed into the corner as the era of cheap money has finished and the next move in the Bitcoin price will be driven by professional traders.”