Bitcoin Adds to Gains as Rebound Continues By

© Reuters. – Bitcoin continued its rebound as investors appeared to take advantage of popular digital currency’s recent slump to a nearly two-month low.

rose 6.95% to $7,400.4 on the Bitfinex exchange, adding to its gains following a rebound from a low of $6,432.40 seen Sunday.

The rise in bitcoin comes as ongoing broad-based selling of cryptocurrencies has eased somewhat after the total cryptocurrency market cap continued to tack on gains, pointing to an uptick in investor demand.

Data from showed the total market cap of cryptocurrencies rose to $282 billion – at the time of writing – up nearly 8% from $262 billion on Monday.

Traders had anticipated last week that a plunge in bitcoin to price level around $7,200 would trigger technical support – price levels that encourage buying activity.

The rebound in bitcoin comes as it suffered its worst first-quarter performance, falling nearly 50% in the first quarter of the year, while Ethereum suffered a similar decline during the same period. Ripple, meanwhile, was one of the worst performing large-cap cryptocurrencies, tumbling nearly 80% during the first quarter.

The slump was not limited to large-cap cryptocurrencies as crypto-funds have fallen roughly 23% so far this year, according to Eurekahedge Crypto-Currency Hedge Fund Index.

rose 8.85% to $0.53092 on the Poloniex exchange, while rose 9.45% to $414.30.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Related Posts

Add Comment