Cryptocurrency dip buyers have returned after bitcoin crumbled through key support and hit a low of less than $10,000 overnight.
But the gains seen earlier Thursday morning have solidified in Asian trade, and bitcoin has now bounced by more than 30% off its overnight low.
And the buying has extended to all the major altcoins, following the sector-wide sell-off that over the previous 48 hours saw heavy falls across the board.
The selling was attributed to numerous factors — including a regulatory crackdown in Asia, giving rise to lower trading volumes, and simply just a long-overdue market correction.
But for the time being the panic has subsided. As has often been the case, bitcoin prices vary significantly among different exchanges, but a short time ago, bitcoin was sitting comfortably above $11,000 on the US-based Bitfinex exchange:
Among other major cryptos, the Ripple’s XRP token is easily the best performer, having gained more than 30% on Thursday.
At a value of $1.43, Ripple has now recouped its losses from the previous session, though it remains well off its recent highs of above $2.
According to the website coinmarketcap.com, most other large cryptos are up by 5% to 20% in Asian trade.
Even dogecoin — the cryptocurrency based on an internet dog meme — has climbed by about 30%.
And investors in dentacoin — a cryptocurrency designed for use by the dental industry using the Ethereum blockchain — would be breathing a sigh of relief. It just doubled in value Thursday.