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Bitcoin holds near three-week high at around $3,600

MarketWatch logo MarketWatch 2/11/2019 Aaron Hankin
CRYPTOS
 

a close up of a clock© AFP/Getty Images Bitcoin prices headed marginally lower Monday, but hovered near a three-week high for the world’s best known digital asset.

In early afternoon trading, one bitcoin was fetching $3,625.75, down 0.3% since Sunday at 5 p.m. Eastern Time on the Kraken exchange. The cryptocurrency traded above $3,700 on Friday, its highest level since Jan. 19. 

Read:U.S. stock futures set for higher start as trade talks kick off, China equities rise

What are analysts saying

After bitcoin surged to its largest daily gain of the year on Friday, Nigel Green, CEO of deVere Group, a U.K. consulting firm, is warning investors to cool their excitement. He emphasized that bitcoin has yet to breach a key resistance at $4,000 and remains well off its all-time high.

“It was a relatively sudden jump, and, of course, positive news for those holding bitcoin,” he wrote, referencing Friday. “However, the price only reached the top of the trading range and investors should not be popping champagne corks just yet.”

Green attributed last week’s trading action to the progress of the lightning network that is aiming to fix bitcoin’s scalability issues; that is, the ability to process bitcoin transactions more efficiently and quickly.

Read:A team at Northwestern think they have solved one of bitcoin’s biggest problems

Altcoins and futures

Altcoins — the group of coins other than bitcoin — were trading mixed on Monday. Ether was the best-performing altcoin, rising 2.4% to $120.12, Bitcoin Cash fell 1,5% to $121.00, XRP was off 0.5% to 30 cents and Litecoin, after rising more than 25% on Friday, pared recent gains, falling 7.7% to $42.40.

Bitcoin futures finished lower on Monday. The Cboe Global Markets February contract fell 0.8% to $3,595, while the CME Group February contract closed the session down 0.3% at $3,605. The Cboe February contract is set to expire on Feb. 13.

Read:Bitcoin hasn’t been this oversold in 4 years, chart watcher says

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