The Bloomberg Galaxy Crypto Index, which tracks a basket of the largest digital assets, added as much as 9.3% before paring the gain to 6.8%.
Fundamental developments support the upside.
Bitcoin strengthened past $8 000 for the first time in about 10 months on Tuesday, crossing another milestone as cryptocurrencies continued their scorching rally. Notably, Bitcoin's market share jumped to the highest level since September 2017.
Erlam said the rally, which has spilled over to numerous other 2,000-plus digital coins that trade, harks back to the frenzy that drove Bitcoin nearly to $20,000 in 2017 before it crashed to nearly $3,000 the following year. The likes of Fidelity Investments plans to buy and sell Bitcoin for institutional customers soon, and E*Trade is dipping into the trading space. Travis Kling, founder of the Los Angeles-based crypto hedge fund Ikigai commented as cited by Bloomberg. Bitcoin had also rallied during previous Consensus conferences. The data further shows that a high of $7,946.01 has been reached during Monday trading.
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Bitcoin has jumped almost 40% in the past week and has more than doubled in the past year, driving speculation of a comeback to 2017 levels.
Binance, a large crypto exchange, reported a hack of 7,000 Bitcoins with about $40 million.
The companies behind the digital exchange Bitfinex and the cryptocurrency Tether recently said that the so-called stablecoin is backed by cash and short-term securities only equal to 74% of the outstanding coins rather than completely pegged to the USA dollar.