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The other main cryptocurrencies also resumed on Wednesday afternoon. XRP, the second largest market capitalization, rose 12%. Ether, the third largest, rose 14%, according to CoinMarketCap.com. According to CoinMarketCap data, the total market capitalization of cryptocurrency has grown more than $ 20 billion in 24 hours.
Bitcoin is still deeply in the red this year. Cryptocurrency has fallen more than 68% in 2018 and is now more than 77% of its record level.
Andy Bromberg, co-founder and chairman of CoinList, a digital token registration platform, said Wednesday's recovery was likely due to investors "plunging back after last week's insanity."
"Today's rally is primarily a reaction to precipitous drops last week and to people who think this could be an overreaction," Bromberg told CNBC.
With cryptography markets still relatively small, a buyer who places a particularly large order can "trigger an avalanche," said Bromberg.
Brian Kelly, CEO of BKCM, said that bitcoin may have also been spurred by "hash wars" on bitcoins that were finally coming to an end. This digital currency has been split into two competing versions earlier in November: "Bitcoin ABC" and "Bitcoin SV".
"You see the saga of bitcoin money being played," Kelly said. "People were financing a lot of that money by selling bitcoin, so one of the sellers left the market."
Although Kelly said the positive headlines this week did not necessarily lead to a double-digit percentage increase, this was positive for the general sentiment in the cryptography markets.
"People are starting to understand that it's a legitimate badet clbad," Kelly said.
Bitcoin got the support of a Wall Street figurehead this week. Jeff Sprecher, president of the New York Stock Exchange and CEO of ICE, said Tuesday at the Consensus Invest conference that, despite headlines in cryptocurrency, digital badets have a future in regulated markets.
Sprecher & # 39; s Intercontinental Exchange, parent company of the New York Stock Exchange, is backing a version of Bitcoin Futures via a start-up called Bakkt, which will go into service in January. Nasdaq and VanEck also plan to launch cryptocurrency products, which include bitcoin futures, in the first quarter of next year.
SEC chairman Jay Clayton said at the same consensus conference that there were some issues in the market that needed to be resolved before he felt "comfortable" "to give the go-ahead to an exchange-traded fund, or ETF. But he has not ruled out the possibility that this investment vehicle will be approved once the issues are resolved.
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