News Cryptocurrency above $4,000 for first time in two weeks

Cryptocurrency above $4,000 for first time in two weeks

-

- Advertisment -

has surpassed $4,000 for the first time in two weeks, continuing to break away from a months-long rout.

The price of the world’s best-known cryptocurrency climbed almost 7 percent to $4,037 on Thursday, according to CoinDesk’s index tracker.

The last time the digital currency was trading at the $4,000 level was on Dec. 4. It began to plummet in mid-November after months of stability, restoring volatility in an asset known to jump or fall hundreds of dollars within hours.

It has fallen almost 80 percent since a record high near $20,000 in December last year. Earlier this week, bitcoin began to jolt upward on the anniversary of the cryptocurrency’s all-time high.

Other major digital assets also traded higher on Thursday. , a virtual token closely associated with blockchain firm Ripple, jumped more than 2 percent to almost 38 cents, while , the digital token of the Ethereum blockchain, rose over 5 percent to $109. The two cryptocurrencies are the second and third-most valuable, according to CoinMarketCap.

“The surge on Monday represents a strong push off the key support level of $3,000 per coin,” Mati Greenspan, senior market analyst at social trading platform eToro, told CNBC in an email.

“This is an extremely significant movement that may end up creating a floor for the battered down cryptocurrency.”

Greenspan said the sudden rally was likely the result of traders closing their short positions ahead of the holidays.

Charles Hayter, chief executive of cryptocurrency comparison platform CryptoCompare, said the recent sell-off in cryptocurrencies was likely seen as a “buying opportunity.”

“The maxim of buy when there’s blood on the streets could be influencing some to gain exposure at this nadir prior to the new year,” he told CNBC in an email Thursday.

Last year proved to be a momentous one for bitcoin, with trading giants like and introducing futures contracts for the virtual currency. According to a Wall Street Journal report out Thursday, New York Stock Exchange parent may soon get regulatory approval to launch the first futures contract redeemable in bitcoin.

2017 was also a big year for the cryptocurrency space as a whole, as a controversial fundraising method known as an initial coin offering (ICO) gained traction.

ICOs were banned in China and South Korea last year, however, while regulators have upped their scrutiny on the cryptocurrency industry as a whole over concerns of speculative trading and potential criminal activity.

The U.S. Securities and Exchange Commission, meanwhile, has clamped down on numerous crypto projects, including one backed by professional boxer Floyd Mayweather.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Cryptocurrency above $4,000 for first time in two weeks

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Cryptocurrency above $4,000 for first time in two weeksCryptocurrency above $4,000 for first time in two weeks

You might also likeRELATED
Recommended to you