Bitcoin (BTC-USD) prices jumped on Friday, helping to provide a boost to other cryptocurrencies and crypto-related stocks. Yahoo Finance's Jared Blikre breaks down what's happening in the market.
For more expert insights and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's Note: This article was written by Stephanie Mikulich
Video transcript
JULIE HYMAN: Bitcoin is rising steeply over the weekend. Jared Blikre is here with a crypto watch for us today, but I suspect it won't be able to offset some of the recent declines.
JARED BLIKRE: A little bit, fraction, and let's look at the table here right away. Bitcoin rose 5.41%. This is the best 24-hour period in weeks.
And here is a six-month chart. And this looked a little wrong here, and we actually had a false breakdown. I call it false now because we had clear upward momentum from what could have been or what looked like support that looked like it just collapsed. But if you follow the logic here, incorrect breakdown is nothing new for Bitcoin and we are seeing a rise.
And we're seeing a continuation here and some movement in other Bitcoin-related cryptocurrencies. Solana rose 6.8%. But in fact, Bitcoin is unusually at the top today.
However, I want to show you that this year wasn't about crypto. In fact, TRX is the only non-stable coin in the green here. Lots of downward movement.
And if you look at last year, of course a different picture emerges. Solana rose 283%.
But let me also show you the crypto-linked stocks, and I'll come back to the intraday basis. Crypto stocks are really booming today, and you can see that in Galaxy. That's 14% more. Bakkt rose 11%. Marathon Digital, that's an increase of 8.79%. The list goes on, and many of them have just been underwater for a year, and here's a look at them.
Well, with PayPal, the Bitcoin exposure there is probably pretty low. That's the only one in the green zone, and for many other names there things are looking much worse. So we're kind of regaining some of the lost territory that we've seen.
The story goes on
And would also like to receive an update on the ETF situation for Bitcoin. We all have these spot Bitcoin ETFs. By the way, this board offers more than just Bitcoin ETFs. If you take a look at the top left, BKCH actually has stakes in blockchain companies. So I think it's more related to crypto stocks and that's why you're seeing that increase a little bit more.
And then we see some of these other technologies – we see some of these others trending downward. This is an inverse Bitcoin ETF that explains what we see there. But all in all, a nice day for crypto.
JOSH LIPTON: Jared Blikre, thank you very much for this. Am grateful.
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