The price of the token increased as much as 2.5% on Sunday and was trading at about $29,700 in New York. Smaller cryptocurrencies such as Ether, Binance Coin, and Cardano also gained ground.
In the past decade, four-month price hike of Bitcoin indicated an average surge of 260% as compared to a year earlier, according to Bloomberg News.
Bitcoin has changed narrative garb like a chameleon during the revival, drawing succour from bets on a Fed. Reserve pivot to looser monetary policy, the perceived blow to fiat currency from the US banking crisis, and a planned reduction in the supply of new tokens — a so-called halving — due next year.
Some analysys like Christopher Forbes, the head of Invest Singapore Institute, is of the opinion that the positive condition of digital currencies will continue with the return of liquidity at the market.
In recent days, different investment banks including Standard Charter and institutes such as Bloomberg Intelligence have declared the possibility of Bitcoin reaching $100,000.