At time of writing, the price of Bitcoin [BTC] has just broken through the US$8,000 dollar mark (a nine month high), but is currently trading $7,987.75.
As you can see it has broken sharply above moving averages with a crossover occurring in late February:
While the crossover would have been an excellent time to buy, we look ahead to whether the cryptocurrency can sustain its run.
Big news around the corner for Bitcoin as insiders get in early
There are a number of factors driving the Bitcoin price up and it appears to be those already involved in the crypto space that are behind the move.
Firstly, there are rumours that eBay will enter the cryptocurrency game resulting from their sponsorship of a blockchain conference called Consensus in New York which kicked off yesterday.
Combine this with the impending launch of a physical Bitcoin futures market and moves by Facebook and Samsung to enter the blockchain sphere, you have the beginnings of a boom.
Everyday investors yet to catch on to Bitcoin price spike
Search results like ‘buy Bitcoin’ and ‘bitcoin’ are yet to register big gains on Google Trends so this suggests it is those already familiar with crypto that are driving the push.
We had previously covered its push above US$5,000 mark on 1 April.
At the time, we suggested that there could be something more to the rally as institutional investors increasingly push into the space.
The feeling here at Money Morning is that this could be the start of another exponential run.
You can get an inside look at the looming bitcoin renaissance in this report, which details five crucial things you need to know about the premier cryptocurrency.
For Money Morning