Bitcoin and Ethereum languish after worst quarter in 11 years for crypto

As the third quarter began, Bitcoin and Ethereum languished in the vicinity of key support levels as investors remained side-lined following an up-and-down few weeks, with so-called bargain prices tempting very few.

Bitcoin edged cautiously lower by 0.2% to US$19,389, while its largest rival by market value, Ethereum, was changing hands 0.8% lower at US$1,053.

It seems as if most investors that are still in on the two top coins are HODLers (hold on for dear life), as they pray the prices have hit bottom, analysts said.

In fact, the second quarter of 2022 was the worst quarter for cryptocurrencies in 11 years, with Bitcoin down over 55% in that period.

Bitcoin has been floating around the US$20,000 support level for over two weeks, with Ethereum much the same at US$1,000.

Digital currencies echoed wider global markets, with the tech-heavy American Nasdaq – with which cryptos are most closely correlated – closing 1.3% lower on Thursday.

There was also little activity in European markets on open, with all main indices relatively flat.

Bitcoin is approximately 70% below all-time highs, while Ethereum has been trading over 75% lower than peaks enjoyed in November.

The alt-coins normally follow closely in the footsteps of the top coins, but in what is a rare occurrence, just 35 of the leading 100 cryptos were in the red.

TerraClassicUSD was the standout faller, down 17%, reversing some of its gains made earlier this week.

It was the lesser-known coins that stole the risers’ headline on Friday morning, with Amp and Arweave climbing 18% and 17% respectively.

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