Renewed interest among cryptocurrency watchers was sparked over the weekend after BTC surged past £6,000 ($8,000) after seven days of steady momentum – its highest level since July last year. If an investor bought one bitcoin at it its lowest point on Friday, it would have cost them £4,729.51 ($6,153.09). The value of the original cryptocurrency has since risen dramatically and as of 12.25pm BTS was trading hands at £6,205.53 ($8,041.12). This means for those investing in bitcoin, the value of one BTC has gone up by £1,476.02 ($1,888.03) – or 30 percent – during this time.
Crypto experts have been left baffled by the gain and said there appears to be no obvious reason for the bitcoin boost.
However, a blockchain and cryptocurrency conference is taking place in New York, with big investors and influential market players gathered at Consensus to network and discuss the current state of the industry.
Bitcoin had also rallied during previous Consensus conferences.
Some analysts pointed out that bitcoin’s rally coincided with the escalating trade war between the United States and China.
Yesterday saw BTC hit a high of £6,306.46 ($8,167.50), a roughly 10-month peak.
Bitcoin has almost doubled in price this year after emerging from a bruising 2018.
Last year it lost almost 75 percent of its value amid tighter regulation across the world.
But so far on the year, bitcoin has been up a sparking 119 percent.
Iqbal V. Gandham, UK managing director at online trading firm eToro, told CNBC: “Negative news is no longer having a negative impact.”
David Gerrard, a digital currency critic, said: “Mainstream media coverage might lure fresh suckers in with actual cash money, not just tethers.
“I predicted there would be another mainstream crypto bubble — but I didn’t expect it this soon.”
David Thomas, of London-based cryptocurrency broker GlobalBlock, said the soaring levels has reinvigorated interest among investors.