2018-7-27 18:23 |
The price of bitcoin reached above $7,700 on Monday, according to CoinMarketCap, up by almost $2,000 since the end of June.
The latest gains also fall short of some analysts’ predictions, who forecast that bitcoin would rise above $10,000 in May and continue to climb.
It is the first time since April that bitcoin has achieved consistent price gains, helped by two major price surges last week that saw its value go up by over $1,000 in just a few days.
Analysts often attribute positive news in the crypotcurrency space to positive price movement, and the latest market shift is no exception.
“Stateside, the Federal Reserve Bank of St Louis, which has historically been friendlier to crypto than other US banking authorities, added bitcoin, bitcoin cash, ethereum and litecoin to its FRED index.