Bitcoin, Ethereum, XRP Jump as Rebound Gathers Pace. Where Cryptos Go Next. — Barrons.com
By Callum KeownBitcoin climbed early Tuesday, nearing the key $90,000 level, as cryptocurrencies continued to rebound.The price of Bitcoin was trading at $87,541 early Tuesday, up 0.6% over the past 24 hours according to CoinDesk data. The world's largest cryptocurrency is up around 3% this week after hitting lows of around $82,000.While that might be some crumb of comfort for investors, it is still 31% off its record high of $126,273 it hit in early October."Bitcoin has staged a strong counter-rally off $80,000 — and who doesn't love a good old-fashioned V-shaped recovery? For the first time in the drawdown, it feels like those holding Bitcoin shorts are the ones feeling the heat," Pepperstone analyst Chris Weston said."A break of $90,000 seems more likely than not," he added.Smaller cryptos were enjoying a stronger rebound, with popular altcoin XRP rising 6.5% to $2.22, Ethereum climbing 2.3% to $2,906, and Solana jumping 4.6%.If Bitcoin can break above $90,000, that could give the green light to a more sustained recovery.Write to Callum Keown at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.