Investing.com - The price of the digital currency bitcoin climbed back above the $4,000 level on Wednesday as investors continued to shake off concerns over a clampdown on virtual currencies in China.
On the U.S.-based Bitfinex exchange, Bitcoin was trading at $4,057.8 by 06:35 AM ET (10:22 GMT), up 4.54%, having opened at $3,881.60.
Prices slumped to $2,981.00 on September 15 after Chinese authorities announced a ban on trading cryptocurrencies in China. Prices had hit a record high of $4,969.00 on September 2.
China used to account for the majority of bitcoin’s overall trading volume, but now makes up less than 15% of the total amount.
Despite the recent pullback, the digital currency is still enjoying a remarkable year, with prices up almost 350% since the start of the year, beating just about every other asset class.
At current prices, bitcoin has a total market capitalization of around $66 billion.
Elsewhere, the price of bitcoin offshoot Bitcoin Cash was also higher. It touched a high of $459.35 and was last at $458.00, having opened at $450.48.
Bitcoin cash has a total market cap of around $7 billion at current prices, making it the third most valuable cryptocurrency.
Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was up 2.72% to $296.53.