In a sudden reversal, cryptocurrency prices are once again surging upwards.
Over the past 24 hours, the price of Bitcoin (BTC), the largest cryptocurrency by market capitalization, has risen more than 10% and is now trading above $93,000 U.S.
A day earlier, Bitcoin’s price was at $85,000 U.S. and sliding lower, continuing a downward trend that began on Oct. 10 of this year.
But after touching $84,000 U.S., BTC has reversed sharply higher, pulling other digital assets up along with it.
Ethereum (ETH), the second largest cryptocurrency, has also seen its price jump more than 10% in the past day and is back above the key threshold of $3,000 U.S.
Smaller cryptocurrencies such as Solana (SOL), XRP (XRP), and Dogecoin (DOGE) are also running higher on Dec. 3.
Analysts have been quick to attribute the surging price moves to ongoing volatility among risk assets such as crypto.
Some analysts are expressing skepticism that the move higher will last, noting that previous attempts by Bitcoin and other crypto to recover in recent weeks have failed.
Both Bitcoin and Ethereum had fallen more than 30% after hitting all-time highs in early October as investors appeared to turn more risk averse.
With the latest move upwards, BTC is flat on the year, having declined 0.52%.
