Bitcoin has seen a similar trend before, in February 2019 and has breached yearly highs at least once a month since then. Mid-June Bitcoin reached a year high when it hit its 2019 record of $13,850 and so far it’s up 220% more this year than the previous.
Edward Moya, a chief market strategist forecasts that Bitcoin could be “coiling for a big breakout as institutional interests for Blockchain Technology show no signs of slowing down”. He also expresses that “the bubble-like gains are more driven on solid institutional interest and that Bitcoin has overcome many of its initial problems”
Bitcoin at the very start of the year was around $3,500 and many lost hope and left Bitcoin for dead and the crypto space for dead. But the hype and buzz are back again via mainstream acceptance making prices shoot up again.
The chief commercial officer at Bolt Global, Christel Quek says that the entry of Facebook Inc and JP Morgan Chase & Co into the crypto space has contributed to the aforementioned acceptance.