Investing.com – The bitcoin recovery remained on track as investor jitters of a coordinated regulatory crackdown on the crypto-industry continued to fade, opening the door for new fund inflows.
The total cryptocurrency market cap rose to about $510 billion, at the time of writing, from $420 billion a week ago.
The continued uptick in crypto inflows come on the heels of fresh criticism from Bank of England governor Mark Carney told Reuters that bitcoin has “pretty much failed” on the traditional aspects of money. He added that it was not a store of value because it is “all over the map,” and said that “nobody uses it as a medium of exchange.”
That, however, failed to stop the ongoing rise in both Litecoin and bitcoin, as the two in-form cryptos continued to attract investor inflows while Ethereum, Ripple and Bitcoin Cash traded roughly flat.
Bitcoin rose 5.96% to $11,870.80 while Litecoin rose 10.12% to $247.19. Litecoin has rallied in recent session to become fifth most valuable crypto by marketcap, overtaking Cardano.
The rally in Litecoin comes amid a split or “hard fork” created rival Litecoin Cash. Investors had piled into Litecoin in the days leading up to the hard fork in anticipation of receiving free Litecoin Cash, which was distributed, at the time of fork, to any user "hodling" Litecoin.