Investor Jeremy Grantham dismisses bitcoin's latest rally as crypto prices tread water

Quick Take

  • Bitcoin was trading at $22,900, up 0.1%.
  • Ether dropped 0.2%, trading around $1620. Binance’s BNB gained 3.6% over the past 24 hours.
  • Crypto stocks were slightly lower in early trading.

Cryptocurrency prices meandered in early trading, with bitcoin unable to break past $23,000 on a consistent basis. Crypto stocks were marginally lower. 

Bitcoin gained 0.1% in the past day to $22,900 at 11:15 a.m. EST, according to TradingView data. BNB is bucking the trend, up 3.4% over the past 24 hours.

BTCUSD chart by TradingView

Bitcoin's 30-day volatility reached its highest point since early December when it reached 42.2%, according to The Block's data. The Block defines volatility as the standard deviation of the last 30 days' daily percentage change in BTC price.

Ether declined marginally, down 0.2% around $1,620, and Cardano slid 0.4%. Avalanche jumped 3.2%, according to data from CoinGecko.

The global crypto market cap continues to trade above $1 trillion, according to The Block's data. 

The recent rally caught the eye of chief investment strategist of Grantham, Mayo, & van Otterloo Jeremy Grantham, who sees a 17% downside for the S&P 500, which is up 5% year-to-date. 

The increase in crypto prices isn't down to any "exotic" reasons, Grantham said. It's likely this is just "crypto’s usual style of behaving like the most speculative stocks, almost all of which had a terrible 2022."

Crypto stocks

Crypto-related stocks traded lower in early trading. Coinbase was down 1.7%, as of 11:10 a.m. EST, according to Nasdaq data.

Shares in crypto-friendly bank Silvergate dipped 1.7%, to about $15.70, after soaring 17% during Monday's session.

MicroStrategy dropped 0.3% to about $250, and Jack Dorsey's Block slipped 0.6% to around $81.

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