Bitcoin, the world’s largest digital currency on Monday, traded higher, punching above $8,500 in early action. However, the digital currency market is wider also not so good, with most of the virtual assets kicking down this week.
After reaching the weekend high of $8,575.99, bitcoin has retreated and the single bitcoin BTCUSD, the last -1.70% is worth $8,468.71, down 1% since Sunday’s level at 5 pm. Eastern Time on the Kraken Exchange.
Despite a sluggish start to the week, sentiment remains high. CEO of Atlas Quantum, one of Brazil’s largest crypto trading platforms, Rodrigo Marques, said in an email to MarketWatch that a move below $8,000 was interim low for bitcoin, adding that he expects bitcoin to reach $20,000 in six months, regaining that level has not been close since December.
In further positive news for bitcoin enthusiasts, futures trading shows most investors are not giving up on digital currency No. 1. “We see a lot of merchants rolling out from May to June for the last few days,” wrote Peter Lusk, senior instructor at Cboe Global Markets Inc. “Rolling futures futures is typical when short-term futures move toward expiration. ”
Holders of bitcoin futures can choose to get out of their positions and settle down.
What do altcoin and futures do?
Altcoin, or an alternative to bitcoin, has stumbled out of the blocks on Monday. ETHUSD ETHUSD, -2.62% down 1.4% to $709.00, Bitcoin Cash BCHUSD, -5.95% has lost 4.4% to $1,242.60, LTCUSD Litecoin, -3.53% inactive 3, 1% at $135.86 and XRP XRP Ripple coins, -3.53% traded last at 69 cents, down 2.5%.
Futures traded higher on Monday morning after a rally spot over the weekend. Cboe June June XBTM8, + 2.03% rose 3.1% at $8,515 while the May contract traded at BTCK8, + 2.07%, up 3.3% at $8,500.