Bitcoin soared at the end of the week, surpassing the $47,000 mark for the first time in nearly two years. On Friday, the leading cryptocurrency surged by over 4% to reach $47,307.00, the highest level since March 2022. Ether also saw gains, rising by 3% to $2,511.75.
Trading volume and investor sentiment for Bitcoin had been muted over the past couple of weeks due to concerns about outflows from the Grayscale Bitcoin ETF and a potential pullback in its price. Despite this, Bitcoin has risen by 10% this week, while Ether is set for a 9% increase.
Sentiment is turning more positive now as outflows from the GBTC have slowed. Additionally, the momentum from the S&P 500 briefly hitting 5,000 on Thursday, a record high, may be influencing the cryptocurrency market as well.
Source (CNBC)
