Major cryptocurrency prices were trading higher Tuesday afternoon, with the best-known cryptocurrency headed above $3,800, erasing losses from the previous session.
A single bitcoin BTCUSD, -0.02% the world’s largest digital currency, was last changing hands at $3,837.70, up 3.7% since Monday’s level at 5 p.m. Eastern time on the Kraken crypto exchange. The cryptocurrency touched an intraday high of $3,874.60, 5% off yesterday’s session nadir below $3,680.
The broad-based rally added $7 billion to the total value of all cryptocurrencies which stands at $132 billion, according to data from CoinMarketCap.
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What are analysts saying
“What you’ve seen in this recent move is a decent pick up in volumes,” said Charles Hayter, co-founder of CryptoCompare.
“It’s hard to say,” Hayter said when asked if a cycle low has been made, adding, “there is definitely a lot of interest being generated from financial entities, which can only be good.”
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Altcoins and futures
Cryptocurrencies other than bitcoin, often referred to as altcoins, surged higher on Tuesday. Ether ETHUSD, -0.03% rose 8.2% to $135.66, Litecoin LTCUSD, +0.74% was up 15.2% to $52.43, Bitcoin Cash BCHUSD, -0.69% added 5.9% to $130.30 and XRP, XRPUSD, -0.28% the native coin of the Ripple protocol, was trading at 31 cents, up 3.8% on the day.
Bitcoin futures marched higher on Tuesday. The Cboe Global Markets March contract XBTJ9, +3.60% ended the session up 3.8% at $3,832.50 and the CME Group March contract BTCH9, +3.93% gained 3.9% to $3,835.
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