The largest cryptocurrency bitcoin is again making the rounds as the digital token has gained marvellously in a year to date. While there was seen a fall in the token last week, it rallied again on Monday to shortly breach $8000 mark, gaining as much as 17%.
The gain in the currency is attributed to large scale adoption of the token as a mainstream security instrument together with its underlying blockchain technology. And with the gain in bitcoin, altcoins including ether has also posed double-digit gains.
"A strong breakout would no doubt garner a very large amount of excitement, and opens up the way for a much larger move upward," wrote Mati Greenspan, senior market analyst at eToro, in a note Monday.
Also, there is a hype around the possibility of approval of ETF which will further scale up the acceptance for digital assets as early as Tuesday.
Analysts despite the large order volatility and theft plus apprehensions concerning manipulation are of the view that the bear market in bitcoin is likely over.