Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin Soars 12% as Recovery Gathers Momentum

Published 12/26/2017, 01:53 PM
Updated 12/26/2017, 01:53 PM
© Reuters.

© Reuters.

Investing.com – The recovery in Bitcoin gathered momentum on Tuesday after the popular digital currency rose sharply paring recent losses as it looks to end the year on a bullish note.

On the Bitfinex exchange, bitcoin rose to $15,560.9, up $1680, or 12.09%, after recently hitting an all-time high of $19,891. The popular digital currency's market cap rose to $269.54 billion.

Bitcoin is well on its way to reversing the losses it suffered following its dramatic nearly 50% six-day slump last week which saw the popular digital currency fall to a two-week low of $10,718 on Friday.

The rebound in bitcoin comes amid growing concerns from regulators as Israel Securities Authority chairman Shmuel Hauser said Monday he will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange.

Bitcoin's revival has given rise to investor hopes that the launch of bitcoin futures on the both the CME group and CBOE exchanges would usher in a period of institutional demand, establishing bitcoin as an established asset class.

Despite the year-end blip in bitcoin, the popular digital currency boasts a return of more than 1600% since the start of the year, outpacing the returns of the traditional benchmarks like the S&P 500.

With bitcoin seemingly back on track to trend higher, other cryptocurrencies followed suit as Ripple XRP rose 1.28% to $0.984.

The recent rise in Ripple comes amid reports that banks in Japan and South Korea began tests of Ripple’s digital payments technology.

Bitcoin cash rose 1.12% to $2791.1, after surging above $4000 to a record high of $4,100 last week. Bitcoin Cash was created in August following a split in Bitcoin’s blockchain – the digital ledger which records every bitcoin transaction – in an event know as a ‘hard fork’.

Litecoin, meanwhile, rose 2.95%% to $281.61 having recently overtook Iota to become the fifth most valuable cryptocurrency by market map.

Ethereum, the second largest cryptocurrency by market cap, rose 2.65% to $739.23, well below its recent peak of $863 set last week.

Latest comments

so, certain that you know that many crypto trades are by carbon based traders. the rest of the markets, no. rest of global markets, essentially, are server alog based. servers only view spx, forex, and some weird based extensions of volatility. we call it vix, but that's not correct. ths, crypto can swing large from week to week. it's fun to watch and to be involved with others. i'll give you hill billies a clue, crypto is becoming tribal. remember, the columnists writing here that you read wouldn't know a baofeng prepper from a big mac. so for the one in ten thousand of us, stay prepared.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.