Bitcoin (BTC) may have seen the brakes hit on its upwards momentum as it struggles to cross again the psychological $60,000 mark, but continued upside may take it to $75,000 levels, according to one analyst.
What Happened: The apex cryptocurrency traded 1.98% higher at $59,047.01 at press time on Tuesday. BTC has run up 102.57% since the year began.
The gains in BTC have paled in comparison with
Ethereum (ETH), which has returned 186.72% in the same period.
ETH traded 4.28% higher at $2,135.69 at press time. The second-largest cryptocurrency by market capitalization has jumped 18.02% in a seven-day trailing period.
According to Edward Moya, a senior market analyst at foreign exchange broker Oanda, we are in a “wait-and-see mode” in what appears to be a period of healthy consolidation for BTC, CoinDesk reported.