With increasing regulatory crackdowns and a ban on web advertising of ICOs, the outlook for major digital currencies remains uncertain, but Tom Lee of Fundstrat thinks otherwise.
“We believe the bear market is over, because our preferred measure [the percent of alt-coin stocks that have risen by more than 3X in the past 90 days] is back down to 3%. This is historically the level at which alt-coin bear markets typically bottom,” wrote Lee.
Lee thinks the selling may be over, but it will be a few more months before it's ripe to buy again. “In our view, given the overhang from SEC actions (potential to require tokens to be registered) and the potential backlash from Washington, we think mid-September is probably the more correct window,” Lee wrote.
Digital tokens are recovering as Bitcoin touched a high above $9,000, and is up more than 6.5% in the last 24 hours according to Coinmarketcap. Ethereum is up 4% to $564, Bitcoin-Cash is at $1,061, up 10%, Litecoin is up 10% to $171, and Ripple is up 5% to $0.72.
Subscribe for full text news in your inbox