Bitcoin is Coming Back to Life Raise by $2,000 in Just 24 Hours

After a January correction which saw bitcoin shed $8,000, the world’s largest cryptocurrency began making a comeback on Tuesday. The largest digital currency by market capitalization traded 9.5 percent higher above $8,400 as of 8:12 a.m., ET, according to coin desk, whose bitcoin price index tracks prices from four major exchanges. The jump marked a gain of more than $2,000 in just over a day.

Ahead of the hearing, bitcoin fell below $6,000 to $5,947.40, its lowest since Nov. 13, amid a plunge in U.S. stocks. The S&P 500 rallied late Tuesday to close 1.7 percent higher, but stock index futures were pointing to a lower open Wednesday.

Other cryptocurrencies traded higher Wednesday morning. Ethereum climbed 5.6 percent to $838, ripple rose 2.3 percent and bitcoin cash gained nearly 4.8 percent, according to Coin Market Cap.

On a 24-hour basis, the 15 largest cryptocurrencies by market cap showed double-digit gains, with neo the greatest advancer, up 45 percent.

Bitcoin remains nearly 17 percent lower for February, and down 39 percent for the year so far.

Source: CoinDesk | IncPak