Bitcoin is experiencing a significant rally, aiming for its fourth weekly profit as it approaches $100,000. Driven by MicroStrategy’s record bitcoin purchases, the cryptocurrency reached a three-month high. Overall, the crypto market’s value rose by $20 billion, reflecting strong investor confidence in the digital asset space amidst recent economic data from the U.S.
Bitcoin has seen a surge in value recently, marking a notable rise on Friday. Currently, the cryptocurrency is positioned to achieve its fourth consecutive weekly profit, riding on strong momentum in the market. The digital currency is eyeing the pivotal $100,000 threshold again, largely fuelled by MicroStrategy’s significant increase in bitcoin holdings and enhanced liquidity through substantial inflows into exchange-traded funds (ETFs) in the U.S.
As of Friday, Bitcoin rose by 0.8% at Bitstamp, pricing at $97,306, showing a session low of $96,399. This follows Thursday’s ascent of 2.5%, which ended a three-day slump, peaking at a three-month high of $97,470.
On the broader market scale, the total value of cryptocurrencies grew by $20 billion on Friday, reaching $3.132 trillion. This week, Bitcoin has already climbed about 3.5%, firmly on track for its fourth straight weekly gain.
MicroStrategy has been in the spotlight, with its chairman, Micheal Saylor, revealing via the X platform that the firm purchased 15,355 units of bitcoin. This hefty buy raised their total holdings to a staggering 553,555 units, now valued at roughly $37.93 billion, with an average paid price of $68,519 per bitcoin. The company’s purchasing frenzy, which ran from April 21 to April 26, required an expenditure of $1.42 billion, averaging out to $92,737 per unit purchased.
Despite recent volatility, the crypto landscape remains poised for further growth. The market has been trading sideways recently, a pattern that usually precedes aggressive breakouts. Analysts speculate that Bitcoin could breach the $100,000 mark imminently.
Meanwhile, U.S. bitcoin exchange funds experienced a notable influx, exceeding $3 billion over a nine-day window. Although there was a small dip of $56 million last Wednesday, the momentum remains strong for continued investment in the cryptocurrency market.
In other economic updates, the U.S. job market added 177,000 new positions in April, surpassing forecasts of 138,000. However, the previous month’s data was adjusted downwards. Average hourly earnings increased by 0.2% in April, slightly shy of the anticipated 0.3% rise, and remained consistent with March’s figure. Unemployment figures, meanwhile, stayed unchanged at 4.2%, aligning with expectations.
