Major cryptocurrency prices were trading higher Tuesday afternoon, with the best-known cryptocurrency headed above $3,800, erasing losses from the previous session.

A single bitcoin

BTCUSD, -0.21%

 the world’s largest digital currency, was last changing hands at $3,837.70, up 3.7% since Monday’s level at 5 p.m. Eastern time on the Kraken crypto exchange. The cryptocurrency touched an intraday high of $3,874.60, 5% off yesterday’s session nadir below $3,680.

The broad-based rally added $7 billion to the total value of all cryptocurrencies which stands at $132 billion, according to data from CoinMarketCap.

Read: Stock-index futures struggle for direction as investors keep focus on China

What are analysts saying

“What you’ve seen in this recent move is a decent pick up in volumes,” said Charles Hayter, co-founder of CryptoCompare.

“It’s hard to say,” Hayter said when asked if a cycle low has been made, adding, “there is definitely a lot of interest being generated from financial entities, which can only be good.”

Read: This pattern suggests bitcoin could be en route to $20,000, in one chart

Altcoins and futures

Cryptocurrencies other than bitcoin, often referred to as altcoins, surged higher on Tuesday. Ether

ETHUSD, +0.41%

 rose 8.2% to $135.66, Litecoin

LTCUSD, +0.00%

was up 15.2% to $52.43, Bitcoin Cash

BCHUSD, -0.31%

added 5.9% to $130.30 and XRP,

XRPUSD, -0.57%

the native coin of the Ripple protocol, was trading at 31 cents, up 3.8% on the day.

Bitcoin futures marched higher on Tuesday. The Cboe Global Markets March contract

XBTJ9, +0.26%

 ended the session up 3.8% at $3,832.50 and the CME Group March contract

BTCH9, -0.39%

 gained 3.9% to $3,835.

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(Excerpt) Read more Here | 2019-03-05 22:41:00
Image credit: source

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