Investing.com – Bitcoin traded higher on Wednesday adding to gains from the previous session as the cryptocurrency resumed its rally, following a dip to a nearly two-week low earlier this week.
On the U.S.-based Bitfinex exchange, bitcoin rose to $4,136.8, up $69.1 or 1.70%, but remained a few hundred dollars shy of its most recent record high of $4,489.1. At current prices bitcoin has a market cap of about $69 billion.
The rise in Bitcoin comes a day after it fell to a nearly two-week low of $3,600, before pairing gains, amid fears that the cryptocurrency was set for a period of consolidation.
Despite its recent slump from all-time highs, Bitcoin remains one of the top performing assets over the year, boasting gains of about 400%, buoyed by growing demand from Asia.
Earlier this year, the Japanese government fully legalized Bitcoin as an official currency, expanding the digital currency reach to a wider range of users, as major retailers backed the new law.
Meanwhile, Bitcoin Cash fell 1.14% to $667, after rallying to an all-time high of $935.50 on Saturday while Ethereum, added 1.15% to $317.60.
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