Cryptocurrencies are rebounding, or so it seems. Bitcoin has surged past $9000 after hitting its most recent low of $5922.
According to Bloomberg, the world’s largest cryptocurrency had tumbled 70 percent from an all-time high of almost $20,000 set in mid-December on concerns that authorities from Asia to the U.S. 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 is not the only cryptocurrency experiencing a rally either. Smaller rivals, such as Ripple and Ethereum gaining at least 7.6 percent, respectively. Meanwhile, Litecoin jumped as much as 38 percent, aided in part on speculation that programmers may split off from the coin’s blockchain in what’s known as a fork.
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