Cryptocurrency prices climbed Friday, with the No.1 digital currency, bitcoin, trading to around a weekly high at $8,720.
After yesterdays rally which pushed bitcoin
more than 30% off Tuesdays three-month low of $5,947.40, gains have been harder to come by with bitcoin trading either side of $8,000 for the past 72-hours. “Breaking $10k isn’t even out of the realm of possibility,” Jani Ziedins said in a note Friday.
Ziedins warned that investors should be cautious, however, about chasing gains.
A late move higher Friday pushed bitcoin out of its tight range as crypto investors finished the week on a positive note. Ether, which runs of the Ethereum network was higher by 6.8% at $872, according to data from CoinDesk. Elsewhere, after yesterday’s 30% surge, bitcoin cash is trading 1.5% higher at $1299, Ripple surged 14.5% to 99 cents, and Litecoin finished the week at $159, a 6% gain.
Yesterday’s rise in cryptocurrency prices came as equities slumped to multimonth lows. The Dow Jones Industrial Average
ended Thursday down more than 1,000 points, officially entering correction territory, 10% off the all-time high. However, equities ended sharply higher, but still booked the worst weekly loss in about two years for the main equity benchmarks.
February bitcoin futures on Cboe Global Markets
were trading up 4.4% at $8,640 and on the CME Group Inc.
futures were rising 3.7% higher at $8,635.