(Bloomberg) -- Bitcoin surged as much as 8.7 percent after surpassing $9,000 for the first time since Feb. 2, the day that financial markets worldwide slumped amid concern of rising interest rates and a return in volatility.
The world's largest cryptocurrency had tumbled 70 percent from an all-time high of almost $20,000 set in mid-December on concern that authorities from Asia to the U.S. were seeking greater oversight. The recovery from the recent low of $5,922 has emboldened long-term advocates.
“The climb back to $9,000 range was inevitable,” said Darren Franceschini, chief executive with Blockchain Technologies Consulting. “It seems people in this industry don't watch what happens in crypto every few months and every year since 2015. Now, we're waiting for Bitcoin's next all-time high.”
Read more: Bitcoin's wild ride explained
Bitcoin isn't alone in rallying, with smaller rivals Ripple and Ethereum gaining at least 7.6 percent, respectively. Meanwhile, Litecoin jumped as much as 38 percent, aided in part on speculation that programmers may split off from the coin's blockchain in what's known as a fork.
Related news and information:
Crypto Trading Ban Downplayed by South Korea After Backlash
Bitcoin Halts Longest Rally Since December After 24% Increase
Bitcoin Finds a Bottom as Risk Aversion Grips Global Markets
To see Bloomberg's cryptocurrency monitor, type VCCY
To contact the reporter on this story: Nour Al Ali in Dubai at nalali1@bloomberg.net.
To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Randall Jensen
©2018 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
