LONDON – After spending 10 months in the Trading sector and as cryptocurrencies continue to flourish, Bitcoin reached $8 000 milestone for the first time on Tuesday.
Dubbed the biggest digital token, Bitcoin climbed as much as 3.8% before trading at $8 096 as of Tuesday morning in the United Kingdom’s capital, London.
According to Bloomberg composite pricing, Tuesday’s advance comes at the back of 25% surge a day earlier, thus registering the biggest one-day increase for Bitcoin since 2014, the data revealed.
In addition, other cryptocurrencies gained in Bitcoin’s resurgence and the Bloomberg Galaxy Crypto Index, which tracks a basket of the largest digital assets, suggests it added as much as 8.9%.
With Bitcoin on its longest winning streak since 2013 based on weekday pricing, the crypto has rebounded more than 150% from its most recent low in December, with the bulk of its gains happening since April after months of relative inactivity.
However, a number of reasons have been given for the renewed momentum, including revived interest from institutional players.