Bitcoin and major digital currencies on Tuesday clawed back some of the previous day’s losses.
Bitcoin BTCUSD, +2.39% the worlds largest digital currency, lost as much as 4% late Monday, hitting a low of $6,213.46, inching closer to critical support near $6,000. In early Tuesday trading a single bitcoin was last going for $6,267.68, up 0.8% since Monday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.
In what’s been a torrid 2018 with some cryptocurrencies shedding more than 80%, Josh Fraser, the co-founder of Origin, an open-sourced blockchain platform, said growth in the technology sector should see digital currencies end the year on a bright note. “Prices will slowly recover some of the losses they experienced in H1 2018,” wrote Fraser in an email to MarketWatch.
“We’re seeing a shift towards development in the blockchain and crypto space, which is extremely important because some of the key pain points in the space are usability and pricing. People who have written off crypto as a result will only be drawn back in when they see real utility, versus speculation. This will help stabilize prices and is why building usable systems is critical.”