Investing.com-- Bitcoin price saw a significant increase on Friday, following a surge in broader risk-driven markets as positive U.S. labor market data helped alleviate concerns of an impending recession. Altcoin prices also experienced a rally.
Bitcoin rose nearly 7% to $60,916.2, slightly dropping from its peak of $61,712.3.
The cryptocurrency was on track for minor weekly gains after a more than 10% decline in the previous week.
After dropping to $49,000 earlier in the week amid a market downturn, the world's largest cryptocurrency managed to recover most of its losses.
Bitcoin Price Sees an Upsurge as Recession and Rate Hike Fears Diminish
The rise in Bitcoin price was in line with the broader market rally, particularly in equities, as better-than-expected weekly data lessened concerns of an imminent economic slowdown in the U.S.
Previous fears of a recession had negatively impacted risk-driven assets over the past week, but improved sentiment was fueled by less hawkish comments from Bank of Japan officials, who reassured that interest rates would not be raised during times of market volatility.
Overall, the improved risk appetite was also reflected in the recovery of the Japanese yen.
Crypto Price Today: XRP Rally Pauses After SEC Fine, Altcoins Show Strong Performance
While XRP saw a decline following a significant rally due to a $125 million fine imposed by the SEC on Ripple Labs, other altcoins surged alongside Bitcoin.
The ruling on Ripple's case did not provide a definite answer on whether crypto tokens qualify as securities, and the SEC may potentially appeal a previous ruling regarding XRP sales.
Despite the setback for XRP, altcoins like Ethereum and Litecoin experienced notable gains, indicating positive momentum in the broader cryptocurrency markets.
Overall, the current market trends suggest a favorable environment for cryptocurrency investments, with Bitcoin leading the way and altcoins following suit.