Cryptocurrency dip buyers have returned after Bitcoin crumbled through key support and hit a low of less than $US10,000 overnight.
But the gains seen earlier this morning have solidified in Asian trade, and Bitcoin has now bounced by almost 20% today off its overnight low.
And the buying has extended to all the major alt-coins, following the sector-wide selloff which over the previous 48 hours saw heavy falls across the board.
The selling was attributed to a number of factors — ranging from a regulatory crackdown in Asia, giving rise to lower trading volumes, to simply just a long-overdue market correction.
But for the time being the panic has subsided. As usual, Bitcoin prices vary significantly between different exchanges but a short time ago, Bitcoin was sitting comfortably above $US11,000 on the US-based Bitfinex exchange:
Among other major cryptos, the Ripple XRP token is easily the best performer having gained more than 30% today.
At a value of $US1.43, Ripple has now recouped its losses from the previous session, although it remains well off its recent highs of above $US2.
According to the website coinmarketcap.com, most other large cryptos are up by between 5-20% in Asian trade.
Even Dogecoin – the cryptocurrency based on an internet dog meme — has climbed by around 30%.
And investors in Dentacoin — a cryptocurrency designed for use by the dental industry using the Ethereum blockchain — would be breathing a sigh of relief. It just doubled in value today:
As Business Insider’s Frank Chaparro pointed out, this isn’t the first major selloff in the cryptocurrency market.
It’s happened before, only for the crypto bulls to retake the reigns and charge forward to new record highs.
Time will tell if the increasing amount of oversight from global regulators — including the Australian Tax Office — will help or hinder the next crypto bull-run.