Bitcoin (BTC) jumped Friday, and is set to mark the best Quarterly rally since the height of Y 2017’s cryptocurrency bubble with another push higher following a week of extreme price volatility.
Bitcoin, the largest cryptocurrency, rose $1,408, or 13%, to $12,094 in New York trading, and it has has almost 3X’d since March, the biggest Quarterly jump since the Q that ended on 31 December 2017, which closed out a 1,400% return that year. That run was followed by a more than 70% plunge in Y 2018.
“What’s different about the increasing Bitcoin price this time is it’s retracing familiar territory with supportive institutional and macroeconomic drivers,” wrote an analyst in a note. “Some back-and-fill in the Bitcoin price supports its migration to becoming a digital version of gold.”
From the Mainstream
Fidelity Investments is among a growing number of Wall Street institutions that have been embracing cryptocurrencies and the blockchain technology that powers them. JPMorgan Chase & Co. (NYSE:JPM) said this week it is seeing interest from clients in a prototype digital token.
The biggest announcement came from Facebook Inc.(NASDAQ:FB), which unveiled plans for its own cryptocurrency named Libra. The social media giant, in conjunction with a group of partners including Visa Inc. and Uber Technologies Inc., hopes it will one day trade much like the USD, and that has heartened crypto’s biggest fans.
Despite Bitcoin’s resurgence this year, volatility has not gone away. Prices for the largest online token have oscillated wildly, reviving well-known themes that dominated the digital-asset universe during the Y 2018 crash.
This past week’s price swings epitomize its volatile nature, as Bitcoin gained close to 40% through Wednesday before reversing course and nearly wiping out its weekly gain, then it spiked again Friday.
Currently, Bitcoin is trading at: 12,045.25-309.48 (-2.50%) as of 11:45p BST, the Market is open.
Have a terrific weekend