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The cryptocurrency market on Friday is booming with Bitcoin (BTC-USD) and ethereum (ETH-USD) fully rebounding from Thursday’s swoon.
Specifically, bitcoin (BTC-USD +9.1%) is jumping back to $39.1K (below $40K key level) and ethereum (ETH-USD +11.1%) surges to $2.7K (below $3K key level) – both tokens still down in the past week. Binance coin (BNB-USD +7.5%), ripple (XRP-USD +8.4%), cardano (ADA-USD +9.5%), solana (SOL-USD +7.5%), terra (LUNA-USD +19.7%), avalanche (AVAX-USD +11.7%), dogecoin (DOGE-USD +7.1%), shiba inu (SHIB-USD +8.9%), polygon (MATIC-USD +12.9%), wrapped bitcoin (WBTC-USD +9.0%), litecoin (LTC-USD +8.5%) and cosmos (ATOM-USD +11.2%).
Most crypto-related stocks are catching bids as well, but not to the same degree as digital tokens – some stocks are trading in net negative territory, such as Riot Blockchain (RIOT -0.9%), Coinbase Global (COIN -1.9%), Net Savings link (OTCPK:NSAV -2.5%), SOS (SOS -0.3%), AGM Group (AGMH), Robinhood Markets (HOOD -0.6%), Stronghold Digital Mining (SDIG -1.0%), Sphere 3D (ANY -1.3%), Argo Blockchain (ARBK +0.6%) and Marathon Digital (MARA +0.3%). Recall COIN is slipping as investors price in poor Q1 guidance.
The large upswings come as U.S. equities also rebound substantially in a choppy week of trading, with the Dow Jones (DJI) +2.1%, S&P 500 (SP500) +1.8% and Nasdaq (COMP.IND) +1.1%. Looking at the relationship between bitcoin and the S&P, “Bitcoin has a 0.80 10-day rolling correlation with spooz by % (96% by value)…if want to hedge equity exposure (if havent done it already) or if you’re an index trader and just fancy a weekend punt this is the place to hunt,” Pepperstone Head of Research Chris Weston wrote in a Twitter post.
On Thursday, SA contributor Bitfreedom Research noted Bitcoin’s hash rate and long-term holder supply metrics show the network is “healthier than ever.”
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