The bitcoin price rallied aggressively on Wednesday after the beleaguered cryptocurrency defended a vital support level that has fortified its nearly five-year-old “parabolic” uptrend. Just hours after careening to seven-month lows below $6,500, the notoriously volatile asset jerked toward a recovery, ascending a wall of sell orders in near-instantaneous fashion.
According to price data from cryptocurrency exchange Bitstamp, bitcoin last traded at $7,160 for a daily gain of 8.3%. That empowered BTC’s market cap to recover above $130 billion.
Bitcoin currently accounts for just under 68% of the overall cryptocurrency market, which now boasts an aggregate value of more than $191 billion. BTC’s upward pivot dragged altcoins along for the ride, and major assets like ethereum, ripple (XRP), and litecoin all rose more than 7%.