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Bitcoin Rises 5%, Surges To $50,000.

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Bitcoin rose 5.01 % to $49,106.4 on Friday, adding $2,342.1 to its previous close. Cryptocurrencies are ending the week on a strong note as bitcoin broke above $49,000 for the first time since May. The world’s largest cryptocurrency is up about 5% over the past 24 hours and could face resistance near $50,000-$55,000 

Bitcoin, the world’s biggest and best-known cryptocurrency, is up 77.4% from the year’s low of $27,734 on Jan. 4.

Ether , the coin linked to the ethereum blockchain network, rose 3.03% to $3,281.82 on Friday, adding $96.64 to its previous close.

On Thursday, Coinbase announced that it will purchase more than $500 million in cryptocurrencies to add to its holdings. The crypto exchange’s CEO, Brian Armstrong, also tweeted that Coinbase will invest 10% “of all profit going forward in crypto.”

The Coinbase announcement encouraged bitcoin buyers to return at the $45,000 support level. Bitcoin’s price jump also coincided with stabilization in equity markets after a pullback earlier this week. 

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