Rebound of cryptocurrencies
There seems to be a marginal rebound in the price of the top cryptocurrencies, although the markets were choppy on Thursday. The price of Bitcoin was $7,480 as of 6:00 AM EST on Friday, May 25. The market cap for Bitcoin is $27 billion, and the overall market cap of all cryptocurrencies combined is $334 billion. The dominance of Bitcoin now stands at 38.2%.
Ethereum is up 5.3% and trading at $598.40, while Ripple rebounded 3.3% to trade at $0.62. Bitcoin Cash, EOS, Litecoin, and Stellar rose 5.4%, 12.6%, 2.4%, and 3.4%, respectively.
The price of the Bitcoin Investment Trust (GBTC) also rose marginally at 0.16% at the close of May 24, trading at $12.20. It touched its lowest price of $11.56 that day. Overstock.com (OSTK), the stock associated with cryptocurrencies, fell 2.7% on Thursday. Square (SQ) stock, however, managed to rise 0.85%, which may be due to the infusion of funds from selling $750 million in notes. That might enable it to continue its acquisition strategy, giving it a competitive edge over rivals such as Paypal (PYPL).
$25,000 for Bitcoin by year-end?
The above chart gives a brief comparison of the movement of GBTC compared to the broader market, depicted by the S&P 500 index (SPY).
The top performers for May 24 were MyBit Token, Mixin, MaidSafeCoin, and CyberMiles, which rose 42.2%, 27.4%, 26%, and 17.8%, respectively. The lowest performers were Skycoin, Steem, Straits, and GXChain, which fell 13%, 8.8%, 7.2%, and 4.7%, respectively.
Despite the massive correction in the price of Bitcoin, losing more than half its price since its high in December, Fundstrat Global co-founder Thomas Lee is firm on his outlook for Bitcoin. He’s expecting it to reach $25,000 by the end of the year. Lee told CNBC that the massive drop might indicate that Bitcoin is underappreciated.