Over the past 24 hours, Bitcoin price had managed to show a significant spike before falling back down again, as is evident from the chart above. On 14 November, BTC price went from $16,300 to $17,800 before falling back down to around $16,600 where it is still trading as of now. However, despite this small rise, investors and traders should note that this is in no way a bullish sign. This can be attributed to a market phenomenon popularly known as a dead cat bounce, which are typically not sustainable.
Ethereum price on the other hand is at a slightly better position as of now, when compared to Bitcoin. Despite the major FTX collapse led crash in the overall crypto market, ETH price has managed to sustain above the lowest points of 2022, indicating major underlying strength on the charts. During the FTX collapse led crypto market crash, it did almost touch the lows but quickly recovered and managed to sustain above those levels too. Ethereum has been historically performing better than Bitcoin and this further adds to the idea.
Also Read: Bitcoin & Ethereum Price rise upto 6% today despite the major collapse of FTX Crypto Exchange
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today