Earlier in the week, Bitcoin failed to break through $4,000 and has spent the last five days consolidating above $3,800. It’s now up around 14% over the past week while the AltDex 100 Index (ALT100), a benchmark index for the 100-largest coins and tokens, is up 16.3% over the same period.
Contrary to what Bloomberg has stated, the current rally is not likely a delayed side effect of JPM Coin, but instead a byproduct of improving technicals and market sentiment.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.