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.
ACY Securities’ Sponsorship of Australian Turf Club off to a Flying StartGo to article >>
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.