Bitcoin continues to climb, Ethereum, Dogecoin lower

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JPMorgan Chase CEO Jamie Dimon reiterates his sentiments on Monday saying cryptocurrencies ‘useless’

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Bitcoin was trading up more than 1.1% on Tuesday morning.

According to Coindesk, the price was around $57,134 per coin, while rivals Ethereum and Dogecoin were trading at $3,475 (-3.39%) and 22.3 cents (-5.98%) per coin, respectively.

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JPMorgan Chase CEO Jamie Dimon is not a fan of bitcoin, and he reiterated his sentiments on Monday by calling the cryptocurrency “useless,” while comparing trading it to smoking cigarettes.

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“I personally think bitcoin is worthless,” Dimon said while speaking at a virtual event organized by the Institute of International Finance. “But I don’t want to be a spokesperson for it, I don’t care. It doesn’t matter to me.”

Meanwhile, CoinDesk reported that there is a growing bullish sentiment after bitcoin price broke above $57,000 on Monday. BTC is up about 3% over the past 24 hours compared to alternative cryptocurrencies, which adds to its outperformance.

Some analysts forecast a return to an all-time high near $63,000 this quarter, which has seen a steady increase.

“The cryptocurrency rally is impressive because it has been caused by a broad risk-off environment in both equities and bonds, with crypto markets separating from equity markets,” Coinbase wrote in a newsletter to institutional clients last week. “We are seeing that BTC is clearly leading this market as bitcoin dominance (BTC market cap relative to total crypto market cap) reaches multi-month highs.”


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