Bitcoin just made a major comeback.<\/p>\n
The cryptocurrency rallied on Wednesday, topping $55,000 and hitting its highest level since mid-May. Regulatory fears have eased this week after both Treasury Secretary Janet Yellen and SEC chair Gary Gensler said they have no plans to impose restrictions on cryptocurrency trading.<\/p>\n
Bill Baruch, president of Blue Line Capital, had a plan over the summer to beef up his position in bitcoin as its price plummeted re-entering at $32,000 and adding to it if it fell to as low as $20,000.<\/p>\n
\"It didn't get there. I didn't get my full position on but what that ultimately did is it got me doing more research and trying to find where else could I invest this money that I want to be in crypto,\" Baruch told CNBC's \"Trading Nation\" on Wednesday.<\/p>\n
Baruch highlights two cryptocurrencies he is getting behind as an alternative to bitcoin Solana and Algorand.<\/p>\n
\"Solana is actually my highest holding right now, got in that at a good time and that has risen pretty sharply. I think that has legs to go as well from here... and Algorand to me feels like Solana two to three years ago,\" he said.<\/p>\n
Algorand looks constructive on the charts, he continues. Baruch says it looks to be a buy so long as it holds above $1.50. It traded at $1.82 on Wednesday.<\/p>\n
Delano Saporu, founder of New Street Advisors, says greater adoption for bitcoin should support a continued rebound.<\/p>\n
\"You're looking at more institutions getting involved. We saw US Bank is going to offer institutional custody services. We're also seeing Bank of America implementing research on Bitcoin as well so I think there is still more room to run,\" he said during the same segment.<\/p>\n
More constructive headlines in the cryptocurrency world will have a domino effect of drawing more funds into the space, he says.<\/p>\n
\"That's going to drive a little bit of momentum and a spike forward if we get some more volume in the buying. I think that could push us a little bit higher here so I'm still buying. I think it's an opportunity for investors to really do some more due diligence and see if it makes sense for them as well,\" Saporu said.<\/p>\n
Disclosure: Blue Line Capital holds SOL and ALGO. New Street Advisors holds BTC.<\/p>\n
Disclaimer<\/p>\n
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\nBitcoin bounces back above $55,000, but trader has his eye on two other cryptocurrencies - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"