David Ryder / Stringer
- Bitcoin rose up to 10% on Wednesday, its biggest daily gain since mid-April.
- It has fallen by 40% since November 14, a few days before a heavy blow in its rival cash in bitcoins.
- In the long run, the cryptocurrencies are in good condition because The blockchain industry is growing at a rapid pace, an analyst said.
- Watch the live bitcoin trade.
Bitcoin, the largest cryptocurrency for market value, even rose by 10% on Wednesday to an intraday high of $ 4,725 a coin, earning its biggest daily gain since mid-April.
Wednesday's wave comes after Bitcoin and its rival cryptocurrencies have been hit in recent weeks. Bitcoin has seen 40% of its market value wiped out since November 14, a few days before the fork in his money bitcoin rival. The digital currency hit a low near $ 3,600 on Monday, the weakest since September 2017,
"The main engine of market moves is technical," said Mati Greenspan, market analyst at eToro's multi-asset brokerage.
The Bitcoin price has slipped this month amid a lack of each new title and today's wave is a correction of part of that sale, according to Greenspan. He says that cryptocurrencies are in good shape in the long run because the blockchain industry is growing at a rapid pace and the innovation to transfer value through the Internet without intermediaries has great potential for growth.
"We're still scratching the surface on it," he said.
It was a difficult year for investors in digital currency, who saw prices explode in 2017 while cryptomania hit the world. Bitcoin, for example, started 2017 with a value below $ 1,000 a currency before rising above 2,000% to a maximum of $ 19,511.
This year has been a different story, however, with the value of cryptocurrency that has plummeted by 68%.
"Bitcoin and all cryptocurrencies are considered high risk" Greenspan said, adding that investors should always diversify their portfolios when they invest in risky assets.