Why Are Cryptocurrencies Jumping Today?

In the early morning, Bitcoin was trading at $58,089, up 4.4% from its Thursday’s low but down 0.9% in the last 24 hours. Bitcoin is down 10.4% over the past week, so the trend was definitely lower this week.

Cryptocurrencies are having another volatile day on Friday but this time after a week of falling prices, most cryptocurrencies are moving to the north territory.

Ethereum is trading 4.1% higher Friday to $4,225 and is up by 6.7% from its lows late on Thursday. Like Bitcoin, Ethereum is down 10.5% over the past week.

Dogecoin is up 8.8% from its low for the day and is up 5.8% in the last 24 hours. But Dogecoin is down 9.5% over the past week even after today’s increase.

It has been a bad week for cryptocurrencies and one major factor is the stronger US dollar and speculations on interest rate hikes, which both work against cryptos, specifically Bitcoin, as a hedge against inflation.