Bitcoin Hits Multi-Week Highs Despite Continuing Altcoin Surge

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Bitcoin is approaching $17,000 once again on major exchanges as a new price reversal trend gets underway.

Bitcoin climbed 11 percent into Friday to post its highest price since mid-December: one coin was worth $16,920, cross-exchange data shows.

Exchanges tracked by Coinmarketcap recorded an average trade price maximum of just under $17,000 earlier Friday before a slight correction saw Bitcoin head back towards $16,000.

The performance is encouraging for holders who have watched profits ebb as altcoin markets continue to surge. The trend marks a pause after several weeks of bearish action for BTC, which did not immediately correct following its dip from $20,000 to around $13,000 last month.

On social media, casual traders were eyeing Bitcoin’s reversal to continue, noting its impact on altcoin markets.

 

Optimism from well-known figures has remained unshaken meanwhile, despite newfound investor and mainstream interest in Ripple and continuing publicity maneuvers from Bitcoin Cash proponents.

An alleged compromise Thursday saw the @Bitcoin Twitter account begin publishing pro-Bitcoin Cash content, listing a graphic from major proponent Roger Ver comparing the altcoin’s and Bitcoin’s perceived advantages.

Flagging the event, online commentator WhalePanda also gave kudos to a theory circulating on Reddit regarding current price movements in both Bitcoin and altcoin markets.

“Big players can’t accumulate Bitcoin without moving the price too much, so they pump and dump ‘cheap’ alts to accumulate Bitcoin,” he summarized the idea originally published on Reddit.

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Author: William Suberg

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