Bitcoin Hits Multi-Week Highs Despite Continuing Altcoin Surge

By William Suberg

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.

4h

Crypto_Ed_NL
@Crypto_Ed_NL
Alts bouncing in 3, 2, 1……

Crypto_Ed_NL
@Crypto_Ed_NL
alts bounce because of this…. BTC is a reversal pattern pic.twitter.com/yTOlD8JRih
4:20 AM – Jan 5, 2018

GODFATHER OF CRYPTO
@CryptoGodFatha
Lots of questions flying in right now about #BTC.

1. I don’t know when/IF it will keep rising. But, I think it will personally.
2. I am waiting patiently. Need patience in this game. I will be buying in when it is even lower. I believe another drop is coming.

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