Bitcoin rallies to a six-month high, other cryptocurrencies also jump
Bitcoin is on a tear Friday, climbing to a fresh six-month high.
The world’s best-known cryptocurrency jumped more than 7% Friday to around $5,750, according to CoinDesk data, its highest level since November 14.
The reason for the upward move wasn’t immediately clear. The virtual currency is now up more than 50% since the start of the year.
Other digital assets, including ether and XRP, also climbed. Ether moved about 5% higher to just shy of $170, while XRP was up nearly 2% at a price of 31 cents.
The entire market has added nearly $10 billion in value over the last 24 hours, according to CoinMarketCap.
Cryptocurrencies are still well off their late-2017 highs, with bitcoin still about 70% off its near-$20,000 all-time peak. The market suffered a massive slump last year, but sentiment appears to be improving in 2019.
Mati Greenspan, senior market analyst at social trading firm eToro, said the move was likely a “continuation” of an early April surge.
“Overall crypto market participants have been getting continuously bullish lately,” he said by email.
-cnbc
