‘It’s only a matter of time’ until bitcoin breaks out, says one analyst
Bitcoin prices traded sideways Thursday, on track for a third-consecutive subdued session.
After Monday’s move higher, bitcoin oscillated on either side of $6,500, and in Thursday trading a single bitcoinBTCUSD, +0.00% was at $6,511.28, unchanged since Wednesday’s level at 5 p.m. Eastern Time on the Kraken exchange.
But one analyst said bitcoin’s lull may be coming to an end. “It’s only a matter of time now,” said Mati Greenspan, senior market analyst at eToro, speaking about a potential breakout for bitcoin.
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“Of course, the flatline pattern could easily remain for another few months and that wouldn’t be a bad thing, however, there are signs of excitement boiling underneath the cool price action exterior.” For Greenspan, the evidence is the rising transactions per second. “This is a classic indication that we’re nearing the end of the flat cycle.”
Transactions per second are a barometer for the scalability of blockchain technology, which has been a roadblock for adoption of the distributed ledger technology.
Altcoins, the collective group of more than 2,000 coins other than bitcoin, were off to a slow start. Ether ETHUSD, -0.38% was up 0.3% at $203.52, Bitcoin CashBCHUSD, +0.07% was up 0.7% at $442.00, Litecoin LTCUSD, -0.67% was off 0.2% at $52.48 and XRPXRPUSD, +0.26% the cryptocurrency of the Ripple protocol was trading up 0.5% to 46 cents.
In bitcoin futures, the Cboe Global Markets November contractXBTX8, +0.08% is the most active now and was unchanged at $6,425, while the CME Group October contractBTCV8, +0.00% is off 0.2% at $6,410.
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