Bitcoin prices jumped on Wednesday, trading back above $4,000 and putting the cryptocurrency on track for its best session in more than three weeks.
In early afternoon trade, one bitcoin
BTCUSD, +2.43%
was changing hands at $4,027.04.80, up 2.3% since Tuesday’s level at 5 p.m. Eastern time. The digital currency is set to book its best session since March 5, when it gained 3.6%.
Read: Cryptocurrency mining equipment maker Bitmain postpones IPO
What are analysts saying
“We can’t go from [crypto] winter to summer in a few days, probably not even in a few weeks,” wrote Mati Greenspan, senior market analyst at eToro. “Spring is generally a time of volatility where hot and cold often surprise us. Though bitcoin has yet to snap the bear market, I do believe that crypto winter is now over and we are entering spring.”
The crypto winter is how industry pundits describe the prolonged bear market of 2018 and into 2019.
Read: This Canadian crypto trader sent $75,000 bitcoin to Quadriga’s exchange—then it went bust
Altcoins and futures
Altcoins — the group of more than 2,000 cryptocurrencies other than bitcoin — were moving higher on Wednesday. Ether,
ETHUSD, +3.39%
gained 3.2% to $137.42, Litecoin
LTCUSD, +4.75%
rose 4.7% to $60.59, Bitcoin Cash
BCHUSD, +6.47%
was the best-performing major altcoin, trading higher by 6% to $165.40 and XRP
XRPUSD, +2.65%
added 2.6% to 31 cents.
The broad-based rally in digital currencies has added more than $4 billion to the total value of all cryptocurrencies, according to data from CoinMarketCap.
After logging back-to-back losing sessions to start the week, bitcoin futures have roared back on Wednesday. The Cboe April contract
XBTJ9, +2.56%
is up 2.6% to $4,000 and the CME March contract
BTCH9, +2.56%
had added 2.7% to $4,010.
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Source : MTV
