The quick recovery of bitcoin’s from a minor tweak has bolstered its bull-case scenario.
As of press time, CoinDesk’s Bitcoin Price Index (BPI) is showing that the popular cryptocurrency is exchanging at $8,101.86. The cryptocurrency however, is still down 3.7% from the previous day’s high of $8,582.
On Coinbase’s GDAX exchange, BTC logged in a high of $8,650 yesterday before a technical failure at key trendline resistance pulled prices down to $7,535. However, the dip did not last long and the cryptocurrency moved back above the $8,000 mark this morning and was last seen changing hands at $8,280.
The positive price action shows that investors continue to bask in the conciliatory tone adopted by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission at Senate hearing the other day.
The top cryptocurrencies by market capitalization meanwhile, are all enjoying gains today.
Currently, the total market capitalization of all currencies is $390 billion. The total value is also up from the low of $276 billion seen on February 6, according to data from CoinMarketCap.
The notable exception to this sideways trading, however, is bitcoin cash (BCH).
At time of writing, the cryptocurrency had spiked more than 27% t in 24 hours, a figure that was outpacing averages across the market.
Bitcoin cash (BCH), the world’s fourth-largest cryptocurrency by market capitalization, is ahead of the pack. At the current price of $1,238.93, BCH is trading percent above the previous day’s high of $1,040 and almost 60% above Tuesday’s low of $764.
Meanwhile, other names like ethereum’s ether token, Ripple’s XRP token, cardano, litecoin, NEO are all up at least 4% from yesterday’s peaks.
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