Bitcoin traded above $51,000 on Friday, up about 4% in two days and the highest in more than two weeks, reflecting improved sentiment in the global financial markets.
Ether, the second largest cryptocurrency, traded slightly above $4,100, with the improved risk reflected in the record closing by S&P 500 on Thursday.
Crypto-linked stocks, which include Asia’s Woori Technology Investment Co., Ceres Inc., and Remixpoint Inc., all rose in tandem with the improved sentiment of Bitcoin.
Baird investment strategy analyst considers Bitcoin as a high-beta risk asset, pointing out that when risk appetite increases, its price goes up.
With the price of Bitcoin projected to continue going higher, it remains to be seen if it breaks to the upside at key levels of $53,000 and $55,000. The crypto demand is also likely to be tied to the prevailing liquidity boosts by global central banks.
BTCUSD is up +0.14%, ETHUSD is down -0.50%.
