Ether (ETH) rose some 5% in the past 24 hours to lead a recovery among major cryptocurrencies as Ethereum developers confirmed The Merge’s dates on Wednesday.
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Bitcoin recovered over $21,500 on Thursday morning after stabilizing on Wednesday following a weekend sell-off. Broader equity markets rose, with China stimulus driving growth in the Asian session and U.S. premarket futures pointing to an upside ahead of this week's Jackson Hole, Wyoming, symposium.
Andrei Grachev, a managing partner at DWF Labs, took an opposing view to that sentiment, pointing to bitcoin’s price performance as an indicator of the broader crypto market. “One of the best indicators to the sentiment of the crypto market is the price of bitcoin,” Grachev told CoinDesk in a Telegram message. “We are almost or maybe even already at the downside of the market cycle. Bitcoin [BTC] price or market capitalization could still go lower than the current level, but regardless, the upside opportunity is still enormous.”
“Crypto is volatile by nature and there are no actual signs that the volatility will decrease any time soon, mostly due to the size of the overall market cap, which is relatively small compared to other traditional markets,” Grachev added.