Bitcoin and Ethereum continued to tread water Thursday, mirroring an uninspiring session on Wall Street overnight and a lacklustre start to the trading day in wider European markets.
The largest crypto by market value was 0.7% lower at US$30,306, failing yet again to break out of the key US$30,000 range the token has been mired in for a month. Ethereum continued to stagnate around the US$1,800 mark, down 0.3% to US$1,796.
"Although Bitcoin price continues to struggle to move higher or find its mojo, the on-chain data seems to suggest that big money has started to actually bag bitcoins while it is cheap," Naeem Aslam, Avatrade chief market analyst, said.
“There is no doubt that institutions have a vast interest in this space and it makes sense for them to get involved in this space while things are cheap.”
Global investors continue to be rattled by downbeat economic data, with the Organisation for Economic Co-Operation and Development (OECD) warning yesterday the global economy will worsen next year.
“The OECD said the global economy would pay a heavy price for Russia’s invasion of Ukraine, with much weaker growth and higher prices, which is likely to result in permanently higher inflation, and a weaker recovery,” Michael Hewson, CMC Markets UK chief market analyst, said.
73 of the top 100 coins were changing hands in negative territory but the losses were mainly limited.
Elrond and eCash were the largest fallers, down 6.5% and 6.8% respectively.
Helium was the standout climber, soaring 13%, while STEPN rose 4.7%.