Mubasher: Cryptocurrencies continue rebounding on Thursday after dropping sharply during the past few days amid escalated restrictions on virtual currencies trading in several countries.

By 03:30 pm GMT, ripple, which ranks as the third biggest digital currency in terms of market capitalisation, jumped byaround 69% to $1.62 after dipping below $1 on Wednesday.

Similarly, bitcoin and ethereum rallied by 22.5% and 32% to $12,008.20 and $1,086.19, respectively.

Meanwhile, a relatively small currency “bitconnect” jumped by about 358.5% to $44.56 despite falling by nearly 95% on Wednesday.

This outstanding increase came after the company announced it had closed its lending platform but kept trading as usual, having previously said it would close both platforms. However, despite the surge, bitconnect did not reach its highest level seen at the beginning of 2018.

Total market cap for all currencies last reached $596 billion.