Bitcoin, the world’s third largest cryptocurrency in terms of market capitalization, rebounded after suffering a massive sell-off.
On Wednesday, bitcoin declined nearly 50% from its all-time high of $19,783.21 in December to $9,199.59. The cryptocurrency lost more than $140 billion of its market value after the rout.
The digital currency traded as much as $12,045.10 on Thursday. It was trading $11,664.25 at the time of this writing, around 1:40 P.M. Eastern Time based on data from CoinDesk.
The recent bitcoin crash, which was caused by the increasing regulatory scrutiny worldwide, also impacted other cryptocurrencies such as ethereum and ripple. Both digital currencies also recovered.
Ethereum fell to as low as $780.92 yesterday, but went up to as much as $1,094.68 today. The cryptocurrency was trading $1,068.09 at the time of this writing.
On the other hand, ripple dropped to $0.90, but climbed to as much as $1.71. It was trading $1.61 at the time of this writing.
Bitcoin trading pattern
In an e-mailed statement to CNBC, Nolan Bauerle, director of research at CoinDesk, said, “Large dips of 25 percent or greater are a feature of the global, super liquid, near-instant cryptocurrency trading environment. There have been six such large sell-offs since the summer of 2016.”
