Bitcoin jumped, in just minutes, to record the cryptocurrency’s highest daily gain since July, and other cryptocurrencies jumped on a huge rally after the biggest monthly decline since last May.
According to Bloomberg News Agency today, Friday, the largest cryptocurrency achieved a 10% gain, reaching 47,884 dollars per bitcoin in early trading in New York before giving up some of its gains.
Ethereum, Litecoin, and EOS also jumped, with the Bloomberg Crypto Crypto Index rising 8.9%.
Bitcoin fell 7.6% in September, amid fears of mounting regulatory pressures in China and the United States.
Traders offered a range of potential reasons behind the recent gains, while noting that the fragmented market leaves digital assets vulnerable to volatile price swings.
Some cited US Federal Reserve Chairman Jerome Powell’s Thursday statement that the central bank had “no intention” of banning cryptocurrencies, while others cited price levels such as moving averages that are closely watched by technical analysts.
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