Bitcoin along with several other cryptocurrencies rallied strongly on Friday to register some strong gains which helped wipe off the losses incurred a few days back. Bitcoin (BTC) hit a two-week high and rose 8.9 percent to reach $40,219, making it breach the key $40,000 psychological mark for the first time since January 22. That said, it still is way off the all-time high price of $69,000 which it has reached in December.
Alternative cryptocurrencies (altcoins) too made strong gains. Ether (ETH), which happens to be the second-largest cryptocurrency in the world rose by 13 percent in the past 24 hours. NEAR, another token that is linked to the Near Protocol rose 20 percent during the same period. Near Protocol is described as a layer one blockchain that is unlike its competitors in having none of the limiting factors of the latter, which includes the slow transaction rates that other tokens suffer from.
Also, altcoins making sharp gains can be considered an interesting development as it signifies a growing trend wherein investors seem not averse to taking risks. Further, another trend noticed since late last year is that a stable bitcoin has contributed to the rise of the altcoins and even perform better than Bitcoin as well.