What happened: The top cryptocurrency rose 4.75% to $ 43,866.79 in 24 hours. Over a seven-day period, BTC fell 2.11%.
ETH traded 4.9% more to $ 3,029.68 over 24 hours. For the week, the second largest coin by market cap fell 3.4%.
See also: How to buy Ethereum (ETH)
Dogecoin (CRYPTO: DOGE) rose 2.38% to $ 0.20. Over a seven-day period, DOGE was down 9.7%.
Qtum was the top 24-hour winner on Thursday, according to data from CoinMarketCap. The coin climbed 18.67% to $ 10.83 over 24 hours. For the week, it fell 0.49%.
QTUM, a token of a proof-of-stake smart contract blockchain platform, rose 12.68% and 12.42% against BTC and ETH respectively over 24 hours.
Why is this important: Bitcoin staged a rally past the $ 42,000 mark in a week marred by regulatory uncertainty in light of China’s most recent Bitcoin ban.
See also: Bitcoin replaced gold: Chamath Palihapitiya on inflation hedging
Creation and CEO of Ballet Crypto Bobby Lee said this week that he was “very bullish on Bitcoin, especially for a year-end rally, a FOMO rally this year.”
“So I expect Bitcoin prices to erupt again in the coming weeks and months,” Lee said in an interview with Bloomberg.
Lee stressed that China is not done with cryptocurrencies and that it is not “the last nail in the coffin.” He said it would be when the country made it illegal to own crypto assets. That hasn’t happened yet, according to the industry veteran.
On the repression in China, Lukas Enzersdorfer Konrad, Product Manager at Bitpanda, said in an emailed note: “China has cracked down on cryptocurrencies several times in the past, and almost every time the prices have come down but recovered quickly afterwards. . “
“The price drop has been significant, but it should be noted that long-term chain data remains firmly positive, potentially indicating that it could be a downside buying opportunity once the Bitcoin’s price will find support, ”Enzersdorfer-Konrad wrote.
Meanwhile, analysts expect cryptocurrencies to recover in October, with BTC generating positive returns in the fourth quarter, CoinDesk reported citing previous data.
“Ultimately, BTC needs a break (daily price close) above $ 47,000 to mark a resumption of the wider uptrend,” said Michel Boutros, a DailyFX analyst, according to CoinDesk.
Read more : If you bought $ 1,000 in Bitcoin when China imposed the first ban in 2013, here’s how much you would have now