Bitcoin Bulls Regain Upper Hand as Extinction Concern Subsides

Bitcoin recovered from the lowest level since June and scores of smaller digital tokens rallied as concern eased that investors are giving up on the virtual alternatives to cash after this year’s collapse in prices.

The biggest cryptocurrency gained as much as 9 percent to $6,619, helping to temper the losses over the past two days that drove this year’s decline to almost 60 percent. Ether climbed as much as 18 percent, while Ripple jumped as much as 16 percent. The total market capitalization of virtual currencies had dropped to about $190 billion, down from a peak of about $835 billion in January.