Bitcoin surged above $21,000 and was eyeing its best day in six weeks on Friday as the U.S. dollar fell broadly.
Bitcoin, the biggest cryptocurrency by market value, rose more than 9% to as high as $21,163, a two-week high. Bitcoin had been as low as $18,540 on Wednesday.
Ether, the second-biggest, rose 5% to also hit a two-week peak at $1,717.
Market participants said there was no particular trigger for the gains beyond a broad upbeat mood in evidence across asset classes on Friday, led by a drop in the safe-haven dollar and a rally in Chinese stocks, according to a report by Reuters.
Bitcoin could log a second weekly rise in a row, and its best week in about a month, if the cryptocurrencies can hold their gains until Sunday’s close,
Ether’s weekend volatility may be heightened by a looming software upgrade known as the “merge”, which is expected to slash energy consumption.
The “merge” is due sometime between Sept. 10 and 20, with the exact timing uncertain.
Some exchanges plan to pause deposits and withdrawals while the upgrade occurs.
At the time of this report, other cryptocurrencies are also trading on the positive territory.
Binance Coin in up 5.19% at $ 291.9, Dogecoin is gaining more than 6% at 0.063846 while XRP is gaining 6.09% at 0.35102
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.