Bitcoin climbs above $7,000 after eight months as cryptocurrency rally extends

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

Bitcoin climbs above $7,000 after eight months as cryptocurrency rally extends

For example, MGT Capital Investments Inc. - which trades for less than 10 cents per share - on Tuesday announced plans to resume Bitcoin mining operations, citing the cryptocurrency's now 12-day rally to top US$8,000.

The industry is enthusiastic about the further market developments, noting that this time around the growth is taking place amid strong trading volumes, which is a positive signal.

The Bloomberg Galaxy Crypto Index, which tracks a basket of the largest digital assets, added as much as 9.3% before paring the gain to 6.8%.

Bitcoin's latest surge happened on Saturday, when the two United States exchanges carrying futures are closed, making it potentially hard for short sellers to cover their wagers.

While no single factor can explain what led to the increase, prominent crypto-analyst Alex Krüger suggested that the trend appears to indicate large, institutional and systematic buying.

Penny stocks looking to pounce on the cryptocurrency buzz are enjoying a renaissance triggered by Bitcoin's new momentum. Facebook, meanwhile, is building a crypto-based payment system. Ownership is anonymous, pricing is not always unified through arbitrage, and reporting and regulation are nearly non-existent - though for the past year USA futures authorities have disclosed net positions on American platforms.

"Maybe we've seen Bitcoin recapture some the previous FOMO behavior", he said in emailed remarks to Bloomberg.

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

SEOs Not Happy With Google Ads Announcements
French Army to continue military training activities in Iraq