Bitcoin's price climbed to $51,000 Friday, its highest point since May's middle.
According to investors, bitcoin's movement coincided Friday with the expiration of hundreds of millions in options. Investors also pointed out the dovish Jackson Hole speech by Fed Chair Jerome Powell, Wyoming. This suggests that bitcoin is experiencing a catch-up trade, as all other assets have reacted to it at the same time.
According to Coin Metrics, bitcoin reached a high of $51,026.24 on Friday. This was its highest level since May 14th, according to Coin Metrics. Although it broke the $50,000 mark two weeks ago, bitcoin has traded slightly lower than that level since then. Analysts say there is still plenty of room for growth.
Ether reached $4,025.75, the highest level since May 15. This price movement was due to a surge in interest in Decentralized Finance, also known as DeFi, Applications and Nonfungible Tokens. The price of bitcoin is usually correlated with other crypto assets, but investors claim that this week was different.
Jesse Proudman (co-founder and CEO at robo-advisor Makara) stated that many institutions have expressed interest in bitcoin and have made eth the second most valuable market asset and the next hot thing. "Additionally most institutional players know that many of these NFTs were built on Ethereum and it's an indirect way of getting exposure to the fastest growing segment of the market."