Bitcoin holds to $8K after testing higher grounds: $10K in sight?

Litecoin and Cardano rise by 6% in one-hour altcoins buoyed by BTC ascendance

Bitcoin climbs above $7 000 as cryptocurrency rally extends

"Bitcoin is acting differently since moving above its 200-day moving average" and the gains are occurring on strong volume, Fundstrat co-founder Tom Lee, a noted Bitcoin bull, wrote in an email.

Fundamental developments support the upside.

After an extensive slump since the end of previous year, Bitcoin prices have now spiked to a nine-month high of nearly $8,000, leaving analysts and enthusiasts questioning what might have caused the sudden uptick. Notably, Bitcoin's market share jumped to the highest level since September 2017.

Bitcoin advanced 11% from Friday to $6,957.73 as of 9:01 a.m. Tokyo time, having earlier hit $7,585, according to Bitstamp pricing. The likes of Fidelity Investments plans to buy and sell Bitcoin for institutional customers soon, and E*Trade is dipping into the trading space. "Before then there was not a concrete date on when the Bakkt product is going to be launched".

"There are literally dozens of reasons for Bitcoin to be surging right now but the important thing to remember is the main driver of this rally is increased adoption", Mati Greenspan, a senior market analyst at eToro, told Business Insider.

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In late April, hedge funds and other investors were holding their biggest short position yet, Commodity Futures Trading Commission data showed.

Bitcoin has jumped almost 40% in the past week and has more than doubled in the past year, driving speculation of a comeback to 2017 levels.

Other explanations include positive sentiment around recent crypto conventions in NY and a potential safe haven from the U.S.

And that's aside from the volatility - Bitcoin peaked above $19,000 in December 2017 before crashing back to earth in the succeeding months.

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