Bitcoin prices rallied over the last week, benefiting from sustained, upward momentum as bullish developments drew new entrants to the space.
The price of bitcoin, the world’s largest digital currency by market value, rose more than 12% between Sunday, June 9th and its recent high of $8,466.75, reached around 11:30 a.m. EDT, CoinDesk data shows.
At this latest price point, the cryptocurrency had climbed more than 170% since December, additional CoinDesk figures reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Charles Hayter, cofounder and CEO of digital currency data platform CryptoCompare, spoke to this momentum, stating that:
“The market is seeing new entrants and excitement on a number of fronts.”
People looking to actively trade and investors who want to buy and hold are both flocking to the space, he stated.
“The rise itself attracts new entrants but there are a number of new developments underpinning the fundamentals,” added Hayter.
“It seems we have a few milestones to look forward to,” said Mati Greenspan, senior market analyst for social trading platform eToro.
He specifically mentioned Facebook, Inc.’s new digital currency, for which the social media giant plans to release a white paper next Friday, according to people with knowledge of the matter who spoke with The Wall Street Journal.
The “Facebook coin announcement” will “likely have a positive effect on prices as it brings more awareness and adoption of digital currencies and bitcoin to everyday folks,” predicted John Todaro, director of digital currency research for research firm TradeBlock.
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