Bitcoin Rises After a Terrible Month, But Don't Call It a Bottom | Bloomberg

It's all relative...

"Bitcoin is headed for the biggest gain since July, providing some welcome relief to battered cryptocurrency investors -- but it may be too soon to call a bottom.

That’s the assessment of Kenetic Capital’s Jehan Chu after the largest digital token rallied on Wednesday, climbing 5.8 percent to $3,987 at 11:23 a.m. London time. Gains in Ether and XRP helped propel the Bloomberg Galaxy Crypto Index to a 6 percent increase, paring this month’s rout to 37 percent.

“What we are seeing is not yet a bottom but a short-term buying opportunity,” said Chu, managing partner at Kenetic Capital, a blockchain investment and advisory company. “Until we have broader adoption of decentralized applications, it will be hard to find a firm floor.”"

Bitcoin Rises After a Terrible Month, But Don't Call It a Bottom | Bloomberg