Cryptocurrency hedge funds rebound in April, gaining more than 80%


Cryptocurrency prices were mostly unchanged on Wednesday as the No. 1 digital currency continued to trade in a narrow range.

After pushing toward the $10,000 mark, the momentum has subsided and investors are wondering if the slowdown is a concern for digital currency owners.

The lows are still getting higher, as are the highs and the fact we bounced off $9,000 this morning is a good thing, said Mati Greenspan, senior market analyst at eToro. Certainly a break of $10,000 would be good, but consolidation is great for adoption.


The price of a single bitcoin
BTCUSD, +1.28%
last changed hands at $9,221.37, up 0.7% since Tuesdays levels at 5 p.m. Eastern time on the Kraken exchange.

Read: Bearish on bitcoin? These charts might change your mind about cryptos


Record April for hedge funds

Despite the recent pullback, its been a fruitful period for owners of cryptocurrencies. According to Eurekahedge, a research and data providing firm specializing in hedge funds, the Eurekahedge Crypto-Currency Hedge Fund Index gained 83.86% in April, its first positive month of the year.

Eurekahedge


Additionally, the April performance was the best monthly return since November 2013, likely on the back of the surge in altcoin prices. Ether, the second largest cryptocurrency by market cap, rose 69.4% in April and Bitcoin Cash added 101%.

The index is an equally weighted index of seven constituent funds.

Read: The advent of bitcoin futures sparked the selloff from $20,000, says San Francisco Fed

Altcoins and futures trade sideways

Its a quiet start to Wednesday for both altcoins and bitcoin futures.

Ether
ETHUSD, +1.22%
is slightly higher at $744.53, Bitcoin Cash
BCHUSD, +3.53%
has lost 0.4%, trading at $1,588.60, Litecoin
LTCUSD, +0.11%
is unchanged at $157.69 and Ripple
XRPUSD, -0.56%
is off 1% at 80 cents.


The Cboe Global Markets Inc.s May contract
XBTK8, +0.81%
is down 0.1% at $9,210 and the CME Group Inc. May contract
BTCK8, +0.65%
has added 0.8%, trading at $9,305.

CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalizationall on one dashboard

Leave a Reply

Your email address will not be published. Required fields are marked *