Bitcoin broke through the roof on Sunday when it hit Shs.14,420,000 ($4,000) per coin and is still above the symbolic level in early trade on Monday.
Bitcoin crossed the $4,000 mark at close to 1.00 a.m. on Sunday and stands at $4,056.80 at the time of writing (7.10 a.m. BST/2.10 a.m. ET).
Iqbal V. Gandham, UK MD of trading platform eToro, said in an emailed statement: “Bitcoin hitting $4,000 is another milestone in long list of big moments the cryptocurrency has witnessed in recent weeks. Following a fall to $1,800, it has come back strongly and relatively steadily. This is encouraging.
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“Furthermore, the ecosystem is also getting stronger. You now have more places to spend Bitcoin, more regulators thinking about the right infrastructure, and more investors learning about the asset. Speculation is rightly moving away from price and focusing on use cases.”
Bitcoin has been on an incredible rally this year, up over 300% since the start of the year. The digital currency only passed Shs.12,617,500 ($3,500) for the first time earlier this month.
Elsewhere in the cryptocurrency space, Bitcoin Cash, the new cryptocurrency that was split off from bitcoin at the start of the month, is also rallying strongly. Bitcoin Cash is up 6.99% to Shs.1,150,896 ($319.25).
Ethereum, the other major cryptocurrency, is rallying too. The digital currency is up 7.45% to $319.76 on Monday morning in London.
Source: Business Insider
Author: Allan Bangirana
Allan Bangirana is a freelance writer for Newslibre & Spur Magazine. He is passionate about tech, games and occasionally writes about entertainment, lifestyle and so much more.