Bitcoin rises above $50k after Ether’s biggest single-day gain in six weeks
|Bitcoin is gathering steam in the wake of ether’s rally to a 3 1/2-month high.
The top cryptocurrency by market value crossed the $50,000 mark for the first time since Aug. 23 and is trading 2.7% higher on the day at press time, CoinDesk 20 data show.
The move higher comes a day after ether, the native token of Ethereum’s blockchain, jumped above $3,700, reaching the highest level since mid-May. The token ended the day with 11% gains, the biggest single-day rise since July 21. Analysts foresee continued gains in ether.
Bitcoin also looks north, with data pointing to bullish bias among large investors. The Commitment of Traders (COT) report published by the U.S. Commodity Futures Trading Commission (CFTC) on Friday showed asset managers holding an all-time high long exposure of $165 million. “The net exposure of asset managers is positive for the first time since April, indicating that the institutions have turned bullish on bitcoin,” Arcane Research noted in the weekly report published Tuesday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.