Bitcoin prices moved higher on Tuesday, extending a hot streak that has seen the best-known cryptocurrency log four successive winning sessions, and reach a nearly six-week high.
On Tuesday, a single Bitcoin
fetched $3,927.90, up 2% since Monday at 5 p.m. Eastern time on the Kraken exchange. The digital currency traded to an intraday high of $3,970.70, its highest level since Jan. 10.
Read: Stock-index futures edge down ahead of latest U.S.-China trade talks
What are analysts saying
“The cryptocurrency king is on track to secure its first positive month since July 2018,” wrote Naeem Aslam, chief markets analyst at Think Markets U.K.
“With the wind of change blowing, the fundamentals are likely to improve in the coming months for the cryptocurrency space. The hopes are pinned on the improvement of the transaction volume for on-chain transactions. This will attract growth because of a larger number of industries becoming part of this infrastructure,” he said.
Read: JPM Coin is not a cryptocurrency, says crypto advocacy group
Altcoins and futures
Digital currencies other than Bitcoin — commonly known as altcoins — were trading higher on Tuesday. Ether
rose 2.4% to $144.71. The currency of the ethereum blockchain has soared more than 20% since Friday’s closing level.
Elsewhere, Bitcoin Cash
gained 2.7% to $143.30, Litecoin
was up 0.9% to $47.50, while XRP
added 4.3% to 33 cents.
Bitcoin futures closed higher on Tuesday. The Cboe Global Markets March contract
ended up 10.9% at $3,957.50, and the CME Group February contract
closed up 10.2% at $3,935.