Cryptocurrency dip buyers have returned after Bitcoin crumbled
through key support and hit
a low of less than $10,000 overnight.
But the gains
seen earlier this morning have solidified
in Asian trade, and Bitcoin has now bounced by almost 20% today
off its overnight low.
And the buying has extended to all the major alt-coins, following
the sector-wide selloff which over the previous 48 hours saw
heavy falls across the board.
The selling was
attributed to a number of factors — ranging
from a regulatory crackdown in Asia, giving rise to lower trading
volumes, to simply just a long-overdue market correction.
But for the time being the panic has subsided. As usual, Bitcoin
prices vary significantly between different exchanges but a short
time ago, Bitcoin was sitting comfortably above $11,000 on the
US-based Bitfinex exchange:
Among other major cryptos, the Ripple XRP token is easily the
best performer having gained more than 30% today.
At a value of $1.43, Ripple has now recouped its losses from the
previous session, although it remains well off its recent highs
of above $2.
According to the website coinmarketcap.com, most other large cryptos are up
by between 5-20% in Asian trade.
Even Dogecoin – the
cryptocurrency based on an internet dog
meme — has climbed by around 30%.
And investors in Dentacoin — a cryptocurrency designed for use by
the dental industry using the Ethereum blockchain — would be
breathing a sigh of relief. It just doubled in value today:
As Business Insider’s Frank Chaparro pointed
isn’t the first major selloff in the cryptocurrency market.
It’s happened before, only for the crypto bulls to retake the
reigns and charge forward to new record highs.
Time will tell if the increasing amount of oversight from global
regulators — including
the Australian Tax Office — will help or
hinder the next crypto bull-run.