As per CoinDesk’s Bitcoin Price Index (BPI), the world’s largest cryptocurrency by market capitalization rose to an all-time high of $7,990 at 01:18 UTC. As of writing, bitcoin is trading at around $7,850.
According to CoinMarketCap, the cryptocurrency has gained 4 percent in the last 24 hours. Week-on-week, the BTC value has gone up by 12 percent, while on a monthly basis, it is up 39 percent.
The cryptocurrency has staged a remarkable “V” shaped recovery from the last week’s lows near $5,500, but will the rise and rise of bitcoin continue?
As noted yesterday, the investor community appears to be warming up to the idea of moving money out of equities and bonds and into bitcoin – sentiment arising from CME Group’s upcoming bitcoin futures listing.
The price action analysis suggests bitcoin now has the potential to rise well beyond the $8,000 mark, although there is merit in being only cautiously bullish…