Crypto News: Cryptocurrency prices surged on Friday, continuing an upward trend that has been going on for the past month. Bitcoin and Ethereum are both trading at their highest levels since the FTX exchange crash in early November. Read on for the latest cryptocurrency news headlines.
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One analyst estimates that Bitcoin could drop to $10,000 before reaching all-time highs.
Cryptocurrency Price Action
Bitcoin on average closed at $22,300 on Friday, four-month highs. It was trading above its $21,600 level before the FTX implosion in late November. On Wednesday, BTC recorded 14 consecutive days of gains, the longest streak of gains since 2017, according to Dow Jones Market Data. It fell slightly on Thursday before rising to nearly 7% on Friday. The world’s largest cryptocurrency has risen 20% in the last week, hovering at $20,000 for five days. This is the first time Bitcoin has remained at that level since the FTX crash in early November.
Ethereum on average traded at $1,610 on Friday, surpassing its pre-FTX crash level of $1,650. The #2 cryptocurrency traded at three-month highs of 17% over the past seven days.
Cryptocurrency Price Heatmap
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When investing in digital assets, investors should focus on the same main objectives. First, make sure to keep yourself safe by learning when to sell, cut costs, or take profit. Second, be prepared to make a profit if the cryptocurrency rallies.
Although they were initially promised, cryptocurrencies are not an inflation hedge. Instead, they have shown a consistent trend with the wider indices. Read The Big Picture And Market Pulse to follow market trends daily.
Visit IBD’s Best Cryptocurrency And Cryptocurrency Stocks To Buy And Watch Page for assistance with your digital asset investing journey.
For more information, check out What is cryptocurrency?.
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Note: MicroStrategy, a software company, converts your cash into Bitcoin and invests heavily in cryptocurrency. Former CEO Chairman Michael Saylor MSTR stock stock advocates claim is essentially a Bitcoin Spot ETF
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