It seems there is no stopping Bitcoin (BTC) as the top cryptocurrency earlier today surged to its highest point this year after a 10% rally that saw it cross the $8600 mark. BTC is currently trading at $8,755 according to coinmarketcap.com and now has its eyes fixed on the $9,000 mark.
The latest rally extends a run that has seen Bitcoin more than double in price since the start of March. Other altcoins also are experiencing significant gains, with many registering gains of over 7% in what looks like a strong start of the week. Litecoin is up 12%, and it’s trading at $113, Tron is up 13% trading at $0.032, and interestingly Bitcoin SV is up 28% trading at $115.
Bitcoin (BTC) Is Expected To See More Gains Within The Week
It seems this year’s gains are being fueled by a string of positive headlines that indicate greater interest in the cryptocurrency space from mainstream firms. So far, we are aware that Fidelity Investments is finalizing its plans to buy and sell virtual assets for its institutional customers. AT&T has already announced that it will allow its customers to use crypto to settle their online bills through BitP – a payment processor and E*Trade Financial Corp. seems poised to allow cryptocurrency trading.
Despite concerns expressed by JPMorgan Chase & Co. strategists that Bitcoin (BTC) has surged beyond its “intrinsic value,” the top cryptocurrency is up almost 70% this month. Crypto bulls are now betting Bitcoin’s fantastic run will continue as more institutions launch blockchain based projects and also build their own cryptocurrencies.
On Friday Mati Greenspan, senior market analyst at eToro noted: “Easier to spend means a greater-use case and a greater level of adoption. The tipping point is likely very close now.”
David Tawil, president at ProChain Capital, a crypto hedge fund also seems to agree: “It takes two to tango. The more merchants that accept crypto encourages more people to adopt it and use it. That’s major.”
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