Bitcoin prices have climbed more than 200% over the last several months, rising sharply amid strong sentiment and bullish momentum.
The digital currency’s price reached as much as $9,409.34 today, according to CoinDesk, hitting a fresh, 2019 high.
At this price point, bitcoin’s price had more than tripled since December, when it fell to nearly $3,100, additional CoinDesk figures show.
While the world’s largest digital currency by market value had to suffer through the so-called crypto winter, dealing with a period of prolonged stagnation, bitcoin has been showing significant signs of strength.
A perfect example is the sentiment surrounding the cryptocurrency.
[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.]
Joshua Frank, cofounder of digital analytics platform TheTIE.io, shed some light on the optimism of investors by providing specific figures.
“We are currently [experiencing] the most prolonged period of positive long-term sentiment (100-day moving average) since mid-2017, which led up to Bitcoin hitting $20,000,” he stated.
“Bitcoin’s 100 day average sentiment score turned positive on February 17th 2019 when Bitcoin’s price was at $3,673.11 and has remained positive for 120 consecutive days,” added Frank.
“Since turning positive the price of Bitcoin has more than doubled,” he emphasized.
The graph below depicts the relationship between the cryptocurrency’s price and its 100-day average sentiment score.
Analysis of social media activity also seemed positive for bitcoin, with Frank noting that “100 day average tweet volumes on Bitcoin are now at…