Bitcoin inched up $50,000 for the first time in two weeks amid ahead of holidays positive sentiment looms over the market.
The largest crypto currency by market cap rose as much as 3.5% to $50,781 overnight before slightly paring losses. Ether and Solana also rallied with Bitcoin.
After reaching record high of $69,000 earlier in November, Bitcoin fell 30% over the past five weeks. Tighter monetary policy implementation across the world persuades investors move away from risky assets.
“I view Bitcoin as a high-beta risk asset. When risk appetite is up, it’s up big. And when risk appetite is down, it can be down big,” said Ross Mayfield, an investment strategy analyst at Baird, as reported by Bloomberg.
“It’s not perfectly correlated, that’s definitely too simple of a read, but it’s certainly not a volatility hedge.”, Ross further added.
