Bitcoin continues surge, is up 70 per cent this month

Bitcoin jumped as much as 10 per cent since Friday to almost breach $US9,000 as it extended the best one-month rally since before the token’s historic surge in 2017.

The largest cryptocurrency climbed to be trading at $US8,785 at 1.15pm AEST on Tuesday, according to Coindesk. Rival coins were also stronger with Litecoin up more than 12 per cent while Ether, the second largest digital token, rose 6.8 per cent.

Crypto proponents are taking encouragement from a string of recent headlines showing greater interest in the space from mainstream firms. AT&T said last week it will permit customers to pay bills with Bitcoin or Bitcoin cash. That followed news that Fidelity Investments was finalising plans to buy and sell the digital asset for institutional customers.

“Easier to spend means a greater use case,” said Mati Greenspan, senior market analyst at trading platform eToro in Tel Aviv. Greenspan said the overall customer base could reach “critical mass, and the technology goes from underground to mainstream.”

The best-known digital token is up almost 70 per cent this month despite concerns from JPMorgan Chase & Co. strategists that its price may have surged beyond its “intrinsic value” – a concept that not all investors agree applies to a digital currency.

To read more, please click on the link below…

Source: Bitcoin continues surge, is up 70 per cent this month