Bitcoin prices have repeatedly hit multi-month highs today, rising to the most since May and then fluctuating within a reasonably tight range.
The world’s most prominent digital currency climbed to $50,352.00 around 3 a.m. EDT, CoinDesk figures show.
Later, around 10 a.m. EDT, it reached $50,374.97, additional CoinDesk data shows.
At this point, the cryptocurrency was trading at its loftiest value since May 15.
Following these latest price moves, several analysts offered explanations for what caused the rally, as well as what bitcoin prices might do next.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
‘Plenty’ Of Potentially Bullish Factors
“It’s hard to pinpoint the cause of the rally, but unlike stocks, which are driven by fundamentals, cryptos are purely market driven,” said Anthony Denier, CEO of trading platform Webull Financial.