Vanda Research has warned of a broad correction in the cryptocurrency market. Ben Onatibia, the firm’s partner and senior strategist, said that the surge in cryptocurrency prices this year is reminiscent of bitcoin’s rally in 2017. A Correction in Crypto Market Appears to Be Brewing, Says Analyst Vanda Research published a report Monday warning of a broad correction in the cryptocurrency market. The firm’s partner and senior strategist, Ben Onatibia, explained that in 2017 the bitcoin price rise was followed by a correction and a jump in interest in then-lesser known cryptocurrencies. He added that “a broader correction” in crypto markets appears to be brewing. “The meteoric rise in cryptocurrencies has a whiff of deja vu,” Onatibia described, adding that in 2017 when the bitcoin rally started to wane down, “investors rotated to lesser-known altcoins like ripple and ethereum.” Noting that during that time XRP peaked on Jan. 8 while ETH held onto its gains for another week or two,...
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