Cryptocurrency markets had a quiet week until Friday. Bitcoin moved little on Thanksgiving, but hit an 18-month high the next day, reaching $38,000 per coin.
The last time it reached this level was in May 2022, before the collapse of cryptocurrency megaproject Terra, sending prices of all coins and tokens down and leading to major digital asset companies going bankrupt.
Bitcoin is currently trading at a flat $37,751 over the 24-hour period. It’s up about 3% over the week.
CNBC’s Jim Cramer, who famously bought and then slammed Bitcoin, went so far as to say that people should buy the cryptocurrency again.
The surge in cash for cryptocurrency investment products from big investors is helping boost asset prices and the rest of the market.
Ethereum also hit an 18-month high before falling again on Friday. It is currently trading at $2,079, up 6.5% in 7 days.
Solana, which had been sluggish throughout November, has slowed down dramatically. The current price of the coin is $58.59. This is a movement of less than 2% over a 24-hour period and is essentially flat over a week.
Additionally, Dogecoin, the original meme coin and the 10th largest digital asset by market capitalization, rose 1.3% in the past day, losing nearly 3% in value over the week.
It wasn’t just digital coins and tokens that had a good week. Interest in traditional cryptocurrency stocks has surged. Coinbase’s stock price also surged on Friday. By the end of trading, the price of COIN on Nasdaq was $115.54 per share, up more than 6% in 24 hours.
MicroStrategy, which trades under MTSR and is the largest corporate holder of Bitcoin, also surged. The current stock price is $520.24 a pop. It hasn’t been that high since December 2021.
Edited by Ryan Ozawa.