Cryptocurrency prices climbed Friday, with the No.1 digital currency, bitcoin, trading to around a weekly high at $8,720.
After the previous day’s rally, which pushed bitcoin BTCUSD, +6.02% more than 30% off Tuesday’s three-month low of $5,947.40, gains have been harder to come by with bitcoin trading on 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 the Ethereum network, was higher by 6.8% at $872, according to data from CoinDesk. Elsewhere, after Thursday’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.
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Thursday’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% closed the week up 4% at $8,610 and on the CME Group Inc. BTCG8, +3.12% futures finished the week 2.5% higher at $8,530.
Read: Bitcoin: How the skeptics and believers grew so far apart