Bitcoin Bounces Back, Altcoins Rise, Ethereum, Monero and Ontology Up

---

What a difference a day makes, 24 little hours. That is how Dinah Washington sang it and that is how they cryptosphere should feel.

After the selloff on Wednesday which was accompanied by words like panic and capitulation, Thursday brought a welcome bounce and at certain times, Bitcoin had recuperated all the losses from the Chinese Central Bank’s message.

At the time of writing, Bitcoin is trading around $40k and Ether changes hands for $2,7k.

All major altcoins were also on the rise, although it is at this point too soon to tell whether this we have now set a bottom and can crawl our way back up from here.

Boring Bitcoin is gone

Whereas on Wednesday, people like Scott Minerd, the global chief investment officer of Guggenheim Partners, spoke of Tulipmania, even he had to admit a few hours later that:

This is not the death of crypto just as the collapse of Tulipmania was not the end of tulip bulbs!

This is not the death of #crypto just as the collapse of Tulipmania was not the end of tulip bulbs!

— Scott Minerd (@ScottMinerd) May 19, 2021

Others were already more bullish in their views, and the 4Chan story that we also featured continued to ruffle feathers. If indeed true, then we should as from now be looking back up.

Whatever may happen, it is clear that boring Bitcoin is no longer present. The small range that the world’s best known crypto had been trading in for weeks on end was widened this week and with it crypto’s notorious volatility has returned with a vengeance. Statistics show that Bitcoin’s 30-day volatility went over 80% for the first time since March of this year.

Even Ether showed incredible price moves. Privacy coin Monero surged 22% today and is trading around $295, still down 28% this week. Ontology is up 12%, trading almost $1,50 and down 32% for this week.

How it started How it’s going pic.twitter.com/ga3rqplDGe

— Frank Chaparro (@fintechfrank) May 21, 2021

For new entrants into the market, this could also prove to be an interesting moment in time. The use case for Bitcoin as a store of value remains and market analysts think that crypto has many usability still.

Steve Ehrlich, CEO of crypto broker Voyager Digital, probably said it best:

Crypto is here to stay and the volatility we’re currently witnessing is creating an attractive entry point to add to and create new positions.