Bitcoin trades higher as equities bounce around

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

BTCUSD, -0.13%

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.

Check bitcoin and cryptocurrency prices, performance and market capitalization, in one dashboard

Yesterday’s rise in cryptocurrency prices came as equities slumped to multimonth lows. The Dow Jones Industrial Average

DJIA, +1.38%

 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.

Read:Bitcoin is acting like the stock market—and that’s not usual

February bitcoin futures on Cboe Global Markets

XBTG8, +3.99%

 were trading up 4.4% at $8,640 and on the CME Group Inc.

BTCG8, +3.12%

 futures were rising 3.7% higher at $8,635.

Read:Bitcoin: How the skeptics and believers grew so far apart

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