Bitcoin prices have climbed sharply over the last month, increasing by more than one-third after hitting a 2018 low in June.
The digital currency’s price reached as much as $7,770.58 today, according to the CoinDesk Bitcoin Price Index (BPI).
At this point, the world’s largest cryptocurrency by market value was up more than 5% since the start of the day and 34.3% from its recent low on June 24, additional BPI figures show.
Further, Bitcoin was trading at its most elevated value since May 23, attaining its highest price in roughly two months.
[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.]
Bitcoin has benefited from several positive developments lately, for example, the announcement that the Chartered Financial Analyst (CFA) exams will incorporate questions involving the blockchain.
This move will most definitely “bring widespread knowledge and exposure of digital assets to Wall Street,” stated Oliver Isaacs, blockchain investor, advisor & influencer.
BOJ Monetary Policy
When explaining today’s notable price gains, analyst Mati Greenspan pointed to other things, citing a Bank of Japan (BOJ) announcement, as well as its impact on trading activity.
The BOJ announced that that it will initiate an unlimited bond purchase program after yields on Japanese government bonds pushed higher, according to Bloomberg. These yields climbed following reports that the central bank is considering a change to its current monetary policy.
Japanese traders turned to Bitcoin in order to hedge the actions of their central bank, a move that caused the cryptocurrency’s price to surge, said Greenspan, senior market analyst for social trading platform eToro.
What’s Next For Bitcoin?
The continued gains that Bitcoin prices have experienced lately could be interpreted as evidence that Bitcoin has indeed bottomed out, as several analysts have claimed in the last few weeks.
Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet, and Charles Thorngren, CEO of Noble Alternative Investments, both provided this point of view, claiming recently that the digital currency has hit a bottom.
Regardless of how much Bitcoin prices have risen lately, they have a long way to go before hitting the all-time high of nearly $20,000 they reached on the BPI in December.
Some analysts believe that the digital currency will recover this much and more.
Cameron Winklevoss, a serial entrepreneur and outspoken cryptocurrency advocate, has predicted that Bitcoin will reach more than $300,000 in price, according to MarketWatch.
Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.