Dip Buying Drives Crypto Recovery

Bitcoin, Ethereum, and Dogecoin have all made gains in the past 24 hours on “dip buying” from savvy investors. Buying at the dip is a popular tactic used by investors when they believe an asset has dropped so far that it is as valuable as it will get. In short, they want to get the assets on the cheap. Bitcoin rose more than 2% in the past 24 hours while Ethereum gained a percent and Dogecoin also gained about a percent. Meanwhile, Anchor Protocol gained 19% as the markets started to perform better. Hedera gained almost 14% and Arweave picked up 10%. It seems the crypto market is gaining along with stock futures as S&P and NASDAQ futures were also gaining steam. While fear has not completely subsided in the crypto market, it’s clear that many investors are willing to jump back in at these low prices. Notably, Edward Moya of OANDA said, “this crypto winter has been brutal, but it might end once we get past that first Fed rate hike.” At press time, Anchor Protocol was trading at $2.81, up nearly 12% on rising volume and an increase in its market cap.