Bitcoin prices rose Friday afternoon, clawing back losses from the previous session and putting the cryptocurrency on track for its best week in two months.
Most recently, a single bitcoin
was fetching $3,944.10, up 1.2% since Thursday’s level at 5 p.m. Eastern time on the Kraken exchange. The cryptocurrency is on track to notch its biggest weekly gain since the week ending Dec. 23, 2018.
Read: The last time traders were this bullish on Ether it suffered a 40% tumble
What are analysts saying
“We are just in a consolidation period of the broad $3,200 to $4,200 range and because we are towards the top of that range I would say the downside risk is greater than the upside,” said Craig Erlam, senior market analyst at Oanda.
Erlam said: “it wouldn’t surprise me if we hold inside this range for another few weeks or more.”
Read: Elon Musk: Bitcoin is brilliant but it isn’t for Tesla
Altcoins and futures
Altcoins — the collective group of cryptocurrencies other than bitcoin — are trading higher on Friday. Ether
is up 2.4% to $146.91, Bitcoin Cash
is the best-performing altcoin, trading higher by 2.8% at $144.70, Litecoin
has gained 1% to $48.89 and XRP,
is trading at 32 cents, up 0.9% on the day.
The broad-based rally has added $10 billion to the total value of all cryptocurrencies since Monday, according to data from CoinMarketCap.
Bitcoin futures closed Friday in the green. The Cboe Global Markets March contract
ended the session up 0.9% at $3,940 and the CME Group February contract
closed up 0.9% to $3,930.77.
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