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Digital currency prices rose higher on Wednesday, with most of the major currencies recording double-digital gains.
Bitcoin,
BTCUSD, + 0.76%
the digital currency n. 1, was trading at $ 4.707.30, up 15% from Tuesday at 5.00pm. Eastern Time on the Kraken exchange and on track for his best day in four months.
After a rough November until now, the bitcoin has found some support in the last 48 hours and is trying to carve out a base around the $ 3,500- $ 4000 level.
"It is worth paying close attention to market behavior close to $ 3,500, which is an area that has seen a drastic increase in September 2017, so the technical analysis drives us to monitor price dynamics close to these levels", wrote Alexander Kuptsikevich, market analyst at FX Pro Insights.
To read: Bitcoin is on track to do something he has not done in 4 years
What's in the news
On Tuesday, the president of the Securities and Exchange Commission, Jay Clayton, said that a fund traded with bitcoins will not be approved until a nefarious behavior, including manipulation, will be cleaned up in the underlying markets that trade cryptocurrencies.
"This kind of guarantees do not currently exist in all the exchange locations where digital currencies are exchanged," Clayton said at the Consensus Invest conference in New York.
Altcoin and futures move higher
Altcoins – the collection of cryptocurrencies other than bitcoin – has moved higher with bitcoins on Wednesday. Ether
ETHUSD, + 0.33%
rose 14.8% to $ 124.76, Litecoin
LTCUSD, + 0.00%
rose 15.8% to $ 35.37, XRP
XRPUSD, + 0.43%
had earned 10.9% to 40 cents, and Bitcoin Cash
BCHUSD, -0.94%
rose 12.8% to $ 197.40.
The broad-based rally added $ 20 billion to the market value of all cryptocurrencies, which was $ 142 billion, according to CoinMarketCap data.
Bitcoin futures also marched higher on Wednesday. The December contract for Cboe Global Markets
XBTZ8, -5.01%
ended the session up 15.1% to $ 4,240 while the November contract of the CME group
BTCX8, -5.38%
15.6% closed at $ 4,300.
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