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Bitcoin Surges Above $3,500; Other Major Crypto Prices Also Jump

Investing.com – Bitcoin surged above the $3,500 mark on Tuesday in Asia, while other major cryptocurrency prices also jumped.

Bitcoin jumped 6.3% to $3,503.8 and Ethereum advanced 8.1% to $92.74 at 12:50 AM ET (05:50 GMT).

XRP surged 8.6% to $0.33084, while Litecoin gained 8.0% to $28.371.

Bitcoin jumped as much as 11% on Monday. The move was its best daily performance since the last week of November, according to industry data site CoinDesk.

“As a relatively new concept, cryptoassets are still finding their feet in terms of value,” said Mati Greenspan, senior market analyst at eToro. “It’s important to remember that all assets, in every market, experience a process of price discovery, and that cryptos are no different.

Despite today’s gains, the digital coin has still fallen around 80% from its record high in December 2017. In the last three months, it has fallen nearly 50%.

The whole crypto industry has fallen dramatically in recent weeks, with news of regulatory scrutiny and a hard fork in Bitcoin cash cited as major headwinds for the crypto industry.

Among the 15 largest digital coins by circulating market cap, 11 of them have declined by more than 80% from their respective record highs, data from OnChainFX showed.

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