Bitcoin climbed to $51,000, a new high in more than two weeks

Boosted by broader positive sentiment in financial markets, Bitcoin rose to around $51,000 and hit its highest level in more than two weeks.

The largest cryptocurrency has risen about 4 percent in the past two days, reaching $51,524 at one point in Asian trading on Friday. The second largest token, Ether, has a price of nearly $4,100.

Risk appetite in global markets has improved, as evidenced by the S&P 500 index's record high on Thursday. It remains to be seen whether the ebb and flow of central bank liquidity will pose a greater challenge to cryptocurrency demand.

"I think Bitcoin is a high-beta risk asset," said Rose Mayfield, an investment strategy analyst at Baird. "When risk appetite goes up, it goes up. When risk appetite declines, it can drop significantly. It's not entirely relevant, and it's definitely too simple to read, but it's certainly not a volatility hedge. ”

A technical study showed that Bitcoin broke through the upper limit of the so-called pennant technology model and extended its 20-day moving average.

While this suggests that there may be more gains in the future, other technical signals point to the $53,000 to $55,000 area, a potential test of the strength of any such rally.

Woori Technology Investment Co.、Remixpoint Inc. and Ceres Inc. Cryptocurrency-related stocks such as Asia have benefited from Bitcoin's recent performance.

So far, digital currencies are up about 76% in 2021, and are on track for the third consecutive year of growth.