Bitcoin inches higher while Ethereum pares losses from prior session
Investing.com – Bitcoin and ethereum rose on Tuesday, as traders piled back into cryptocurrencies, after a slump in the prior session.
On the U.S.-based GDAX exchange, BTC/USD rose to $2,445, up $63.5 or 2.80%.
Other big exchanges such as Poloniex, Bitfinex and BitStamp also showed the cryptocurrency trading around the $2400-level.
ETH/USD pared losses sustained in the prior session, rising 8.96% to $262.66.
Despite the rebound in ethereum and bitcoin, analysts continued to expect that cryptocurrencies are facing a period of correction.
Charles Hayter, co-founder and CEO of leveraged cryptocurrency platform CryptoCompare said that “a correction of sorts was [in] the cards”
Hayter’s comments echoed that of Digital currency investor Fed Wilson, who said in blog post that the “we are headed for a selloff in the crypto sector”
Ethereum and Bitcoin have moved in tandem recently, as both cryptocurrencies printed fresh record highs earlier in June of $3,000 and $419.3, respectively.
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