Bitcoin prices traded higher Monday as investors looked for a catalyst to break prices out of a lengthy lull.
While traders pine for volatility, proponents of the underlying technology are relishing the suppressed price swings, pointing to growing use cases for an asset that doesn’t possess intraday swings of around 10% like it has in the past.
“As we’ve stated many times, a stable price is great for adoption, and great for development of the network. So, we really are in a positive place for bitcoin right now,” wrote Mati Greenspan, senior market analyst at eToro.
Altcoins, or coins other than bitcoin, are moving higher with bitcoin Monday. Ether ETHUSD, +1.90% was up 2.4% at $228.49, with chartists pointing to a potential breakout to the topside for the second-largest digital currency.
Elsewhere, Bitcoin Cash BCHUSD, +3.13% was up 3.1% to $527.00, Litecoin LTCUSD, +2.72% had gained 2.6% at $58.77 and XRP XRPUSD, +3.80% the coin of the Ripple protocol, was the best performing altcoin, trading up 4.6% at 49 cents.