Bitcoin tops US$8,000 as resurgence of cryptocurrencies goes on

(Reuters pic)

HONG KONG: Bitcoin strengthened past US$8,000 for the first time in about 10 months on Tuesday, crossing another milestone as cryptocurrencies continued their scorching rally.

The largest digital token climbed as much as 3.8% before trading at $8,096 as of 8:15 a.m. in London, according to Bloomberg composite pricing. Tuesday’s advance follows a 25% surge a day earlier — the biggest one-day increase for Bitcoin since 2014, the data show.

Other cryptos gained in Bitcoin’s wake. The Bloomberg Galaxy Crypto Index, which tracks a basket of the largest digital assets, added as much as 8.9%.

Now on its longest winning streak since 2013 based on weekday pricing, Bitcoin has rebounded more than 150% from its most recent low in December, with the bulk of its gains happening since April after months of relative inactivity. Various reasons have been given for the renewed momentum, including revived interest from institutional players.