The tokens rose 10% to $15,116.50, the biggest gain on a closing basis in more than two weeks.
Bitcoin rallied past $15,000 on Tuesday as traders of the world’s biggest digital currency sought to draw a line under its roller coaster five-day slump.
The tokens rose 10 percent to $15,116.50 as of 11:26 a.m. in London, the biggest gain on a closing basis in more than two weeks and the first in six days. Rival currencies litecoin and ethereum were up 2.9 percent and 2.1 percent, respectively, according to data compiled by Bloomberg.
The gains will be a welcome relief for cryto bulls, after bitcoin declined 26 percent in the five days through Monday in what was seen as a major test for the nascent digital currency industry. The advance suggests that, even as financial authorities issue warnings about the risks of a bubble in the asset class, investor interest remains intact, at least for now.
“The most important question facing it is whether the recent price correction will prove to be what market participant ..
Bitcoin is the crypto benchmark, but not the best representation of the technology, Mike McGlone, Bloomberg Intelligence analyst, wrote in a column on Sunday. A proper focus for institutional investors is likely the broader market, including “forks” and second-generation — or 2G — offshoots that address bitcoin’s flaws, he said.
When the frenzy subsides, 2Gs should continue to gain on bitcoin, according to McGlone. “Ethereum appears prime to assume benchmark status, though bitc ..