Cryptocurrency
Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight
Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight: (CoinDesk) Bitcoin made some gains Friday, but ether hit another brand-new price high ahead of CME’s ether futures launching on Monday. Bitcoin (BTC) trading around $37,751 as of 21:00 UTC (4 p.m. ET). Gaining 0.32% over the previous 24 hours. Bitcoin’s 24-hour range: $36,637-$38,332 […]
Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight:
(CoinDesk)
Bitcoin made some gains Friday, but ether hit another brand-new price high ahead of CME’s ether futures launching on Monday.
- Bitcoin (BTC) trading around $37,751 as of 21:00 UTC (4 p.m. ET). Gaining 0.32% over the previous 24 hours.
- Bitcoin’s 24-hour range: $36,637-$38,332 (CoinDesk 20)
- BTC below the 10-hour but above the 50-hour moving average on the hourly chart, a sideways signal for market technicians.
The price of bitcoin is now in the fourth day of an upward trend, going as high as $38,332 at 14:00 UTC (9 a.m. ET) before losing some steam heading into the weekend. It was down to $37,751 as of press time.
“Similar to the last bull run, we are seeing bitcoin initially steal the attention as retail adoption pours in through mainstream attention,” said Michael Gord, chief executive officer for trading firm Global Digital Asset.
However, Gord told CoinDesk traders are rotating out of bitcoin to high-flying digital assets. “Bitcoin then cools off and profits generated from bitcoin find themselves first in ether, then in other high market-cap digital assets,” Gord said.
Nevertheless, fresh interest such as from Ray Dalio’s Bridgewater Associates, which manages $150 billion in investor money, has some including quantitative trading firm QCP Capital highly bullish on bitcoin.
“Bridgewater’s piece out last week had a sensitivity analysis which showed their estimates of BTC price, should private holders of gold switch to BTC,” states QCP’s weekly investor note Friday. “They forecasted that should 50% of capital in gold move into BTC, that would result in a price of $85,000 per 1 BTC.”
Investors are certainly looking to crypto as an asset class, but bitcoin is still quite volatile; its 30-day volatility from Thursday’s close is at 102.9% on an annualized basis whereas gold is at 16%.