Bitcoin on track for its best week in two months

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Bitcoin prices rose Friday afternoon, clawing back losses from the previous session and putting the cryptocurrency on track for its best week in two months.

Most recently, a single bitcoin














BTCUSD, +0.08%












 was fetching $3,944.10, up 1.2% since Thursday’s level at 5 p.m. Eastern time on the Kraken exchange. The cryptocurrency is on track to notch its biggest weekly gain since the week ending Dec. 23, 2018.

Read: The last time traders were this bullish on Ether it suffered a 40% tumble

What are analysts saying

“We are just in a consolidation period of the broad $3,200 to $4,200 range and because we are towards the top of that range I would say the downside risk is greater than the upside,” said Craig Erlam, senior market analyst at Oanda.

Erlam said: “it wouldn’t surprise me if we hold inside this range for another few weeks or more.”

Read: Elon Musk: Bitcoin is brilliant but it isn’t for Tesla

Altcoins and futures

Altcoins — the collective group of cryptocurrencies other than bitcoin — are trading higher on Friday. Ether














ETHUSD, +0.04%












is up 2.4% to $146.91, Bitcoin Cash














BCHUSD, +0.42%












is the best-performing altcoin, trading higher by 2.8% at $144.70, Litecoin














LTCUSD, +0.02%













LTCUSD, +0.02%












has gained 1% to $48.89 and XRP,














XRPUSD, +0.14%












is trading at 32 cents, up 0.9% on the day.

The broad-based rally has added $10 billion to the total value of all cryptocurrencies since Monday, according to data from CoinMarketCap.

Bitcoin futures closed Friday in the green. The Cboe Global Markets March contract














XBTJ9, +0.96%












 ended the session up 0.9% at $3,940 and the CME Group February contract














BTCG9, +0.90%












closed up 0.9% to $3,930.77.

Read: Opinion: Hodl my Lambo: Simple investing rules you can borrow from cryptocurrency traders

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Source : MTV