Bitcoin is displaying a ‘lethargic base’ and has yet to find a bottom, says analyst – MarketWatch

Bitcoin prices traded marginally higher on Wednesday, continuing to oscillate either side of $3,500.

In Wednesday trading, one bitcoin
BTCUSD, +0.28%
 was fetching $3,629.91, up 1% since Tuesday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

Bitcoin’s share of the total value of all cryptocurrencies remains above 50% at 52.3%, according to data from CoinMarketCap.

What are analysts saying

Since tumbling through $6,000 on Nov. 14, bitcoin has yet to stage a substantial rally and analyst Jani Ziedens of the Cracked Market blog said the evidence is pointing toward another leg lower for the world’s best-known cryptocurrency.

“Bitcoin continues to struggle and is in the mid-$3k’s. If prices were oversold, we would have bounced by now. This lethargic base tells us that demand is still incredibly weak and this selloff still hasn’t found a bottom,” Ziedens said.

Read: Americans lost $1.7 billion trading bitcoin in 2018 — and more than half don’t know they can claim a deduction

Ether recovers after upgrade scare

Ether, the cryptocurrency that runs on the ethereum blockchain, is trading higher on Wednesday, recovering much of Tuesday’s losses after news the Constantinople hard fork upgrade would be delayed due to a security scare. Ether
ETHUSD, +0.01%
 was last changing hands at $122.04, up 5.9%.

Read: Here’s what to know about a pending ‘hard fork’ in ethereum

Other altcoins — digital currencies other than bitcoin — were moving higher on Tuesday too. Litecoin
LTCUSD, +0.61%
was up 3% to $31.53, Bitcoin Cash
BCHUSD, +0.31%
gained 1.8% to $127.10, and XRP,
XRPUSD, +0.84%
rose 1.8% to 33 cents.

Futures moved higher with spot prices on Wednesday. The Cboe Global Markets February contract
XBTG9, -0.63%
closed up 2% at $3,592.50, and the CME Group February contract
BTCG9, +0.71%
climbed 1.1% to $3,565.

Read: ICOs continue to raise money via SEC back door

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