Mubasher: Bitcoin showed signs of recovery on Thursday after plunging below $10,000 for the first time since early December on Wednesday.

By 09:40 am GMT, bitcoin rose 6.15% to $11,289.30 with a market capitalisation of around $189.8 billion, after falling nearly 50% from its peak reached around five weeks ago.

Similarly, ethereum increased 6.34% to $1,007.72, while ripple jumped 28.40% to $1.42 after dropping below $1 on Wednesday.

Total market cap for all digital currencies grew to $549 billion.

This bounce was expected after yesterday’s excessive sell-off, which was described by some experts as an “overreaction”.