Bitcoin surged as much as 8.7% after surpassing $9 000 for the first time since February 2, the day that financial markets worldwide slumped amid concern of rising interesting rates and a return in volatility.
The world’s largest cryptocurrency had tumbled 70% from an all-time high of almost $20 000 set in mid-December on concern that authorities from Asia to the US were seeking greater oversight. The recovery from the recent low of $5 922 has emboldened long-term advocates.
“The climb back to $9 000 range was inevitable,” said Darren Franceschini, chief executive with Blockchain Technologies Consulting. “It seems people in this industry don’t watch what happens in crypto every few months and every year since 2015. Now, we’re waiting for Bitcoin’s next all-time high.”
Bitcoin isn’t alone in rallying, with smaller rivals Ripple and Ethereum gaining at least 7.6%, respectively. Meanwhile, Litecoin jumped as much as 38%, aided in part on speculation that programmers may split off from the coin’s blockchain in what’s known as a fork.
© 2018 Bloomberg L.P