Well, somebody bought the dip. Just as critics were rushing to proclaim that the bitcoin bubble had burst, the markets staged a $159 billion recovery. The rally was headlined by the bitcoin price, which rebounded from its sub-$10,000 fling and is currently flirting with $12,000. Several other top-tier coins, meanwhile, returned single day increases in excess of 40 percent.
Bitcoin Price Eyes $12,000
Wednesday served as a trial-by-fire for recent bitcoin investors, some of whom had purchased the flagship cryptocurrency for $19,000 at the height of the rally in mid-December.
The correction forced the bitcoin price below $10,000 for the first time since early December, but Thursday’s rally enabled bitcoin to regain a bit of the ground it had lost during the downturn. The bitcoin price rose 14 percent for the day, rising as high as $11,901 on Bitfinex before ebbing back to a present value of $11,451. Bitcoin now has a market cap of $193.9 billion.