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

BTCUSD, -0.02%

 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

ETHUSD, -0.29%

is up 2.4% to $146.91, Bitcoin Cash

BCHUSD, -0.14%

is the best-performing altcoin, trading higher by 2.8% at $144.70, Litecoin

LTCUSD, -0.18%

LTCUSD, -0.18%

has gained 1% to $48.89 and XRP,

XRPUSD, -0.44%

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

XBTJ9, +0.96%

 ended the session up 0.9% at $3,940 and the CME Group February contract

BTCG9, +0.90%

closed up 0.9% to $3,930.77.

Read: Opinion: Hodl my Lambo: Simple investing rules you can borrow from cryptocurrency traders

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(Excerpt) Read more Here | 2019-02-22 22:24:00
Image credit: source

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