Bitcoin (BTC/USD) added to gains, bringing its 4-day return to over 17%. Currently trading at $267 on BTC-e, it remains within striking distance of its 5-week high of $270 set several hours ago.
A string of positive developments indicating further convergence of Bitcoin to the mainstream has buoyed trader confidence. Investors will likely be able to trade bitcoin on regulated markets in the not-too-distant future, as Barry Silbert’s Bitcoin Investment Trust (BIT) gained approval to list on the OTC markets. Bitcoin derivatives platform, Tera Exchange, will also be publicly traded following a reverse merger with MGT Capital Investments Inc.
The test will be if bitcoin’s price continues to hold up once the string of good news stories takes a lengthy pause. Other recent developments indicating greater traction of Bitcoin with the mainstream have been insufficient to stem its price decline during the past year.
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During the past 24h, BTC has added roughly 6%. The rise sends BTC over 10% above its 50-day moving average (MA), its greatest such offset since November and a further indication of a possible bottoming process in the making.
Also adding to its winning streak was Darkcoin. Just coming off a 3-week high of 0.013 BTC, it remains within striking distance of the 0.016 BTC mark reached in mid-February, which was its highest point in bitcoin terms since last July. In dollar terms, it is trading near $3.50.
Darkcoin has more than doubled in 2015, bringing its market cap to near $18 million, fifth highest among cryptocurrencies.