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Bitcoin prices rise to $51,000 this week, the highest level since May

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Bitcoin rises this week to $51,000, highest since May

A bitcoin swap shop in Krakow, Poland.

Artur Widak | NurPhoto | Getty Images

Bitcoin prices soared to $ 51,000 Friday, their highest point since mid-May.

Investors claim that the Bitcoin movement occurred as hundreds of millions of dollars of options expired on Friday. They also pointed to the low-profile speech by Fed Chairman Jerome Powell in Jackson Hole Wyoming. It suggested that Bitcoin was catchingup with other assets, except Bitcoin.

Coin Metrics reported that Bitcoin briefly soared to $ 51 026.24 on Friday. This was its highest level since May 14th. Although it has traded slightly lower than that level since May 14, Bitcoin broke $ 50,000 just two weeks ago, analysts believe there is still plenty of headroom.

Ether reached $ 4,025.75, which is its highest point since May 15. This price movement was due to increased interest in Decentralized Financial Applications (DeFi), applications and NFTs, or non-fungible tokens. Investors claim that Bitcoin’s price is not the only crypto asset that has pushed other assets to follow its lead. Usually, trades of these assets tend to be in line with Bitcoins.

Jesse Proudman (co-founder and CEO at Robo-Advisor Makara) stated that Bitcoin has been a hot topic and the second most valuable asset in the market. “Also most institutional players know that many of these NFTs were built on top Ethereum and it’s an indirect route to participate in the fastest-growing segment of the market.”

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