Though there are no clear signals for the sudden sharp hike in the cryptocurrency price, which surged to a 10-month high of above $8000, it has been observed that the ongoing Consensus conference occurring in the US may be a trigger factor for the digital token's price.
Consensus conference is under discussion on the current state of the industry and includes various influential market players as well as big investors.
The most popular and largest currency hit a 10-month high of $8,167.50 and was the last trading on the Bitstamp exchange at $8131, an increase of 17% over its price in early April.
Some of the analysts seem to relate it to the incidence of heightening trade war situation between the US and China, but it is too early to term the digital currency as a safe-haven asset.
Also, as the bitcoin price breached the resistance level of $6000, investors were drawn to it.