Bitcoin continued its recovery on Friday morning following months of a downward trend in the crypto market and a colossal sell-off in January.
The world’s leading digital currency notched up its longest rally since September as speculation on Thursday that Russia’s government and central bank will begin to accept crypto as legal tender consolidated investors’ recent positivity surrounding crypto (read more).
“For [some], Bitcoin is the future, and on this front, we have learned that Bitcoin is becoming a legal tender in Russia,” Naeem Aslam, Avatrade chief market analyst, said.
Also, “the fact that the biggest asset manager in the world, Black Rock, is going to offer Bitcoin trading for its clients is the biggest positive news for Bitcoin adoption.
“These are mammoth developments for Bitcoin, and looking at the price action, it seems like that the rally is about to begin which could push the Bitcoin price towards the 100K price level,” Aslam added.
Bitcoin advanced 1.1% to US$43,987 but was outpaced by its closest rival, Ethereum, which climbed 3.1% to US$3,183.
Both remain 35% below all-time highs seen in November, although it should be noted that just last month they were both trading at six-month lows and half the value of their all-time highs.
Alt-coins Terra and Avalanche edged 2.4% and 2.1% higher respectively, while doggy meme-coins Dogecoin and Shiba Inu rose 0.2% and 3.5% respectively.
Further down the pecking order, Ethereum Classic, Harmony, and Flow increased by 5.8%, 10.5%, and 10.3% respectively.
Overall, 73 of the top 100 cryptos were trading in green territory.
But it wasn’t all smiles in the world of digital currencies.
Most notably bucking the trend was Unus Sed Leo which nosedived 13% on the back of its 60% Wednesday’s rampage.
Meanwhile, Decentraland and Zcash eased 1.8% and 5.3% respectively.
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