Key Takeaways
- Bitcoin’s price rises 12% since late Wednesday to reach over $44,400 per token today
- Cryptocurrencies broadly gain traction as the recovery continues
Bitcoin Rallies Nearly 12% After a Brief Dip Below $40K
The price of bitcoin has staged a strong comeback after a wobbly start of the week. The number one cryptocurrency is trading higher by 12% from yesterday’s bottom. Bitcoin slipped on Wednesday to levels below $40,000 with a session low of $39,500 per token.
The price quickly recovered above the $40,000 threshold and ended Wednesday’s market action higher by almost 10% from its bottom to a close of $43,400. The upside swing snapped a three-day losing streak.
Early on Thursday, the orange coin extended its move higher to reach above $44,400, adding to a total gain of 12% over the past two days.
Crypto Assets Gain as the Market Rebounds
The move higher in the price of bitcoin echoes a broader advance in the crypto market.
Ether, the token powering the Ethereum network, surged nearly 20% from yesterday’s low of $2,650. Presently, ether is changing hands at $3,130. Earlier in the day, the second-largest token spiked to a session high of $3,150 per coin.
Cardano’s ADA, XRP, Dogecoin and Litecoin are also on the move on Thursday, higher between 5% and 7% on the day.
Bitcoin Needs 8% to End the Week in the Green
Following the steep decline on Monday, bitcoin is on track to log this week with a loss. Bitcoin has been gaining for the past two days, but to finish the week in the green, it must push above $47,500.
In other words, the original token needs to climb another 8% from its current price to eclipse that milestone. According to bitcoin proponents, if there is enough buying momentum, that target will easily be met by tomorrow.
Broadly, the cryptocurrency market capitalization has slipped under the $2tn mark this week. Bitcoin’s share of the entire market currently stands at 42%, or about $830bn. Ether’s market value has risen to $369bn, or about 19% of the digital asset market.
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