Ripple surges 15%
Cryptocurrency prices climbed Friday, with the No.1 digital currency, bitcoin, trading to around a weekly high at $8,720.
After the previous day's rally, which pushed bitcoin more than 30% off Tuesday's three-month low of $5,947.40, gainshave been harder to come by with bitcoin trading on either side of $8,000 for the past 72 hours. "Breaking $10k isn'teven out of the realm of possibility," Jani Ziedins said in a note Friday.
Ziedins warned that investors should be cautious, however, about chasing gains.
A late move higher Friday pushed bitcoin out of its tight range as crypto investors finished the week on a positivenote. Ether, which runs the Ethereum network, was higher by 6.8% at $872, according to data from CoinDesk. Elsewhere,after Thursday's 30% surge, bitcoin cash is trading 1.5% higher at $1299, Ripple surged 14.5% to 99 cents, and Litecoinfinished the week at $159, a 6% gain.
Check bitcoin and cryptocurrency prices, performance and market capitalization, in one dashboard (https://www.marketwatch.com/graphics/cryptowatch/#/)
(https://www.marketwatch.com/graphics/cryptowatch/#/)Thursday's rise in cryptocurrency prices came as equitiesslumped to multimonth lows. The Dow Jones Industrial Average ended Thursday down more than 1,000 points, officiallyentering correction territory, 10% off the all-time high. However, equities ended sharply higher, but still booked theworst weekly loss (http://www.marketwatch.com/story/us-stock-futures-rise-as-dow-faces-worst-week-since-the-global-financial-crisis-2018-02-09) in about two years for the main equity benchmarks.
Read:Bitcoin is acting like the stock market--and that's not usual (http://www.marketwatch.com/story/bitcoin-has-been-acting-unusually-similar-to-the-stock-market-2018-02-07)
February bitcoin futures on Cboe Global Markets closed the week up 4% at $8,610 and on the CME Group Inc. futuresfinished the week 2.5% higher at $8,530.
Read:Bitcoin: How the skeptics and believers grew so far apart (http://www.marketwatch.com/story/bitcoin-how-the-skeptics-and-believers-grew-so-far-apart-2018-02-09)
-Aaron Hankin; 415-439-6400; AskNewswires@dowjones.com