Crypto Commentary for the Week 9- 13 April 2018

On Friday the digital currency bitcoin  was up 2.5% to $8,112.96, pushing it to multiweek highs. Bitcoin surged to a two-week high on Thursday of $8,055.20, and finished that session up 11% at $7,705.21. Thursday’s action also marked the biggest intraday move since Feb. 6, when the cryptocurrency saw a move of 29.4%. Bitcoin had spent the best part of the two weeks in tight sideways trading up to Thursday. For the week, the cryptocurrency is looking at a gain of 21.3%. Some said the sharp move higher on Thursday was due to the fact that investors who had shorted bitcoin, betting on it to fall, got squeezed and were forced to buy it back.

Futures markets finished the week in the green. The Cboe’s April contract closed up 5.3% at $8,090 and the CME Group Inc. April contract finished the week at $8,105, up 5.5%.

 

 

A fresh drive for bitcoin has also lifted other cryptocurrencies. The big gainers for the week were Ether, up around 38% and Ripple’s XRP, up 33%.

Ether rose 4.4% to $513.87.

 

 

Bitcoin cash gained 4.4% to $765.31

 

 

Litecoin lagged, adding just 1.3% to $130.87.

 

 

Ripple’s XRP was up 9.8% to 69 cents.