Bitcoin surged to more than $8,000 late on Monday, its highest level since July a year ago, as the cryptocurrency's rally gained further momentum. Blockchain Week is underway, co-sponsored by the New York City Economic Development Corp., and the Consensus forum is set to start, where people are "expecting a higher-quality conference", Lee said. Rival coins surged in a broad rally, with Bitcoin Cash up as much as 40%, and Litecoin and Ether both at least 21% higher.
Penny stocks looking to pounce on the cryptocurrency buzz are enjoying a renaissance triggered by Bitcoin's new momentum. Bitcoin's latest surge started Saturday, when the two USA exchanges carrying futures are closed, making it potentially hard for short sellers to cover their wagers. "The current negativity is driving investors to alternative or safe haven assets, which is benefiting Bitcoin". It hit 60% market share during the recent rally and the last time it held that position was in December 2017 when Bitcoin was trading at its all-time high.
In addition, Lukman Otunuga, research analyst at FXTM, said the bullish "golden cross" is already in play on the daily charts.
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In a day that saw the price of bitcoin reach 10-month highs, and the amount of bitcoin inflows added to Grayscale's trust product reach all-time highs signaling rising institutional demand, it was CME bitcoin futures that punctuated the extent of an institutional driven rally.
Just a month ago, very few voices in crypto were as optimist as to imagine that Bitcoin would now be back to price levels of May of 2018. Previous year it lost some three-quarters of its value amid tighter regulation across the world.