Crypto rally continues to amaze
It seems like only cryptocurrencies can experience the kind of rally that we’re currently seeing with bitcoin up almost 40% in just under a week and more than 200% since early April.
Bitcoin Daily Chart
Source – Thomson Reuters Eikon
Any suggestion that the space has matured over the last 18 months and that this rally would be different has clearly been cast aside, with this showing no signs of easing up.
While I understand the excitement for the community that a company like Facebook, backed by other big names, has launched its own coin, this just feels a lot like last time and we all know what happened then.
Perhaps this time the drop off won’t be so bad as we are seeing more mainstream adoption but it may be naive to think that it can’t come crashing down again.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Craig Erlam
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