Battered-down bitcoin jumps 15%, lifting cryptocurrency market value by $20 billion
The world's largest digital currency recovered back above $4,300. Bitcoin is coming off of a 14-month low over the weekend, and as much as a 30 percent decline over seven days. Other major cryptocurrencies also rallied double digits while the entire cryptocurrency market capitalization rallied by more than $20 billion a day, Bitcoin saw a double-digit rebound Wednesday after weeks of struggling to recover above the $4,000 mark.The world's largest cryptocurrency spiked as much as 16 percent, hitting a high of $4,341.44, according to data from CoinDesk.The upward move was an abrupt turnaround from bitcoin's terrible Thanksgiving week. The cryptocurrency tanked 35 percent over seven days, falling below $3,500 for the first time in 14 months. At one point, it was down 80 percent from its all-time high and within range of its worst-ever bear markets. Other major cryptocurrencies also rallied Wednesday afternoon. XRP, the second largest by market cap, rose 12 percent. Ether, the third biggest, was up 14 percent, according to CoinMarketCap.com. The entire cryptocurrency market capitalization rallied by more than $20 billion in 24 hours, according to data from CoinMarketCap.Bitcoin is still deeply in the red this year. The cryptocurrency has dropped by more than 68 percent in 2018, and is now off more than 77 percent from its all-time high.
Bitcoin (BTC) is up 10.50% over the past 24 hours and is currently trading at $4,239.32 on Coinbase. BTC dominance is at 53.4% and the total cryptocurrency market cap is currently at $138.1 Billion.
