2018.02.1923:18:00UTC+00Bitcoin Rises above $11, 000 Mark

Bitcoin gained for the fourth consecutive day, continuing a rally that started when it rebounded from a technical support level.

The largest cryptocurrency by market value increased 11 percent to $11,200 in New York. The gain brought its rise to 57 percent since February 6, when it started rallying from a 200-day moving average, according to Bloomberg's data. Bitcoin outperformed its rivals, including Ripple, Ethereum and Litecoin, which rose by less than 4 percent.

The currency last closed above $11, 000 on January 29.

After a steep decline in January erased around half a trillion dollars from the market valuation of around 1,5 000 cryptocurrencies monitored by CoinMarketCap, majority found a support level in mid-February. The developments coincided with statements issued by many analysts and market observers that were perceived to be tacit acceptance that the digital assets would not be regulated out of existence.

But until regulators have a better oversight on the market, digital currencies will still have to fight for mainstream acceptance in the finance sector, S&P Global Ratings said.