Digital assets moved higher Friday, looking to build on gains over the past 48 hours. After two losing days to begin the week, bitcoin, the No. 1 digital currency, is more than 5% off its Tuesday low and at its highest level since Mar. 26.
The price of a single bitcoin BTCUSD last changed hands at $8,483.23, up 2.5%. That move lags the action for others in the space, however, as investor appetite for smaller coins grows, with Ripple’s XRP leading the way. It’s up 9% to 84 cents.
“As the larger crypto-market gains more confidence and positivity, Ripple’s valuation should grow in tandem with the overall value of the cryptocurrency market,” said Naeem Aslam, chief market analyst at Think Markets U.K.
“Ripple to date is trading around $0.70, whilst its all-time highs were closer to $3.30, marking a potential 5.44x growth,” he said. “Bitcoin, on the other hand, only has around 1x-1.5x, comparing its current price to previous all-time highs.”
VC firm meets with SEC over regulatory concerns
A venture capital firm lead by Andreessen Horowitz met with the Securities and Exchange Commission (SEC) to lobby against cryptocurrencies, most notably Ether from being categorized as securities, the NY Times reported.
The move would be a significant blow to the digital currency market because securities must be regulated with the SEC and trade on registered exchange, much like U.S. stocks and other futures.
Altcoins and futures
Altcoins continued to march higher. Ether is up 1.3% at $574.93. Bitcoin cash, which has been on a tear this week, is back above $1000, up 3.5% at $1,003.75. Litecoin has added 2.5% to $149.88.
Futures opened Friday in the green. The Cboe’s May contract XBTK8 is up 1.3% at $8,360 and the CME Group Inc. April contract BTCJ8 is higher by 3.7% at $8,565.