Cryptocurrencies Wednesday roared back from yesterday's drubbing, with bitcoin (BTC) nearing a new 18-month high just shy of $38,000 after tumbling below $35,000 at one point on Tuesday. Ether (ETH) advanced more than 3% to near $2,060, retaking the $2,000 level after yesterday's fall to nearly $1,900. Native tokens of layer 1 blockchains Solana (SOL) and Avalanche (AVAX) led gains among altcoins, with 18% and 23% jumps during the day, respectively.
"Bitcoin is going mainstream, and the bear is behind us," Charlie Morris, founder of investment advisory firm ByteTree, said in a Wednesday market report. "The good times are here."
The CoinDesk Market Index (CMI), a market-cap weighted basket of almost 200 cryptos, was up 5%, underscoring the market-wide positive day for digital assets.
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