Bitcoin (BTC) rose for a fifth day, surpassing the $47,000 mark early Friday as the CoinDesk 20 Index (CD20), a gauge of the biggest cryptocurrencies, added 4%. The largest crypto by market cap reached a one-month high as East Asia ushered in its biggest festival of the year, the Chinese new year of the dragon, celebrating the start of what’s believed to be one of the luckiest periods according to the Chinese Zodiac. In Mandarin Chinese, the word for dragon is pronounced similarly to “long,” boosting memetic value among crypto traders. Some analysts predict the cryptocurrency will rise to $50,000 over the weekend. Others have said it might even reach $53,000-$55,000 before the cryptocurrency’s halving in April.

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Author: Lyllah Ledesma

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