Christmas has come early to beleaguered investors in cryptocurrencies such as Ether, which rallied as much as 46 percent as digital assets continue their December rebound.
“The market was just being very oversold and due for a bounce,” said Mike McGlone, a Bloomberg Intelligence analyst. “The entire crypto market is benefiting from the macro situation from the weaker U.S. dollar and issues with the administration.”
Ether, the third-largest digital currency after Bitcoin and XRP, jumped 37 percent to $148 at 11:11 a.m. in New York. The token had traded about $1,240 in January, just before the market collapsed followed last year’s speculative bubble.
“While crypto prices were falling, Ether was one of the hardest hit, so it stands to reason now that it is among the top gainers now that prices are moving up again,” said Mati Greenspan, senior market analyst at eToro, in an email.
The Bloomberg Galaxy Crypto Index is up for the fifth time in six days. Bitcoin gained as much as 5.9 percent and XRP jumped 18 percent. The index is still down 78 percent this year.