Investing.com – Bitcoin and Ethereum rose on Wednesday, as both digital currencies extended gains for a second-straight day despite numerous calls from analysts that cryptocurrencies are in a period of correction.
On the U.S.-based GDAX exchange, BTC/USD rose to $2554.2, up $176.2 or 7.41%. Since the turn of the year, bitcoin has gained more than 250%, rising from about $720 to its peak of $3,000.
Ethereum continued to mount a recovery, rising to $308, up more than 40%, after falling to about $200 on Monday on the back of investor concerns that cryptocurrencies had peaked.
Despite the rebound in Ethereum, the second-biggest capitalized digital currency remains well below its peak of $419.3 achieved earlier in June.
Charles Hayter, co-founder and CEO of leveraged cryptocurrency platform CryptoCompare said recently that “a correction of sorts was [in] the cards”
Meanwhile, other cryptocurrencies continued to mirror moves in Bitcoin, as both XRP/USD--- and LTC/USD added to recent gains, rising at least 2%.