Bitcoin has just made a major comeback with reaching back to $55,000 hitting the highest sinch mid-may.
The cryptocurrency market is very volatile and unpredictable, but some traders believe that these sharp swings are actually good for business. They use this volatility to make trades and profit from the swings in price.
Bill Baruch, president of Blue Line Capital told CNBC, “It didn’t get there. I didn’t get my full position on but what that ultimately did is it got me doing more research and trying to find where else could I invest this money that I want to be in crypto,”.
It’s hard to predict what will happen next with Bitcoin, but there are two other cryptocurrencies that traders should keep an eye on which are Solano and Algorand highlighted by Baruch.
“Solana is actually my highest holding right now, got in that at a good time and that has risen pretty sharply. I think that has legs to go as well from here… and Algorand to me feels like Solana two to three years ago,” he said.