The bitcoin price has today surged to its highest level since January last year, as the flagship cryptocurrency’s surge shows little indication of ending. The price of bitcoin is trading at £9,784 ($12,424) at 11.15 on Wednesday, July 26, according to coinbase.com data. And trading today rose 10 percent to as high, putting the bitcoin on track for its biggest one-day jump in more than a month.
Bitcoin’s value has now jumped for the last eight successive trading sessions, bringing the digital coin’s overall return for 2019 to 250 percent.
However, the volatile digital currency remains some distance below its north of $19,000 peak achieved in December 2017.
The move towards mass adoption of digital currencies is accelerating thanks to big companies such as Facebook, according to one blockchain specialist.
Lee Hills, director of blockchain specialists SolutionsHub said: “With Bitcoin breaking $12,000 for the first time this year, holders, speculators and investors are getting excited, especially as we start to see a level of depth in alt-coin markets.
READ MORE: What is sparking the current price boom?
“The excitement may prove to be premature, but even if we do experience some more pain through the rest of the year, it is important to remember the real use case for crypto is low-cost, near instant, borderless transactions and we are closer than ever to the critical mass and development of the technology to make this a reality.
“Large financial institutions making significant moves into the space is extremely positive, as it the mass adoption effect Facebook’s Libra will bring, which can only serve to speed up adoption.
However seasoned crypto investors remain concerned be able to maintain this level or whether this is just another bitcoin bubble about to burst.
Bitcoin’s 2017 bull run was reportedly partly driven by FOMO, with people with little cryptocurrency knowledge investing heavily, encouraged on by febrile media bitcoin coverage and speculation the…