Bitcoin climbed higher on Friday as investors wonder if crypto has reached the bottom of the dip, following January’s heavy sell-off, and so should capitalise on the so-called bargains.
The largest digital currency rose 2.8% to US$38,011, but was outperformed by its closest rival Ethereum, which climbed 6.9% to US$2,834.
The two cryptos are still trading approximately 45% below all-time highs seen in November as rising inflation and fears that Russia and Kazakhstan will follow China’s lead and prohibit crypto mining encouraged investors to shift into safer assets.
Alt-coins Solana, Terra, and Polkadot advanced 6.9%, 6.4%, and 3.8% respectively.
Outside of the ‘top 10’, Cosmos and Hedera were the most notable risers, both edging 10%, higher, while Tron was up 6.1%.
Doggy meme-coins Dogecoin and Shiba Inu gained 1.4% and 1.2%.
Overall, 94 of the top 100 cryptos were trading in green territory on Friday morning.
The anomalies bucking the trend included TerraUSD, BinanceUSD, and Tezos which slipped 0.5% or less.