Bitcoin’s remarkable resurgence shows no sign of slowing down, with price gains of nearly $3,000 (£2,400) over the last week.
The latest price rise has been spurred on by a series of mini price surges, with bitcoin shooting up by $500 in less than 10 minutes on Monday.
Its current price of $12,300 remains a long way off its all-time high of $20,000, which it reached in late 2017, however it has more than quadrupled in value since the start of 2019.
Other major cryptocurrencies have also experienced significant price gains, with ethereum, litecoin and bitcoin cash all rising by between 5 and 35 per cent over the last month.
“After slowing to a jog, crypto prices have again started to sprint,” Simon Peters, an analyst at the online trading platform eToro, said.
“After the recent strong rally reached a point of indecision, a breakout was imminent. As volumes fell, many investors felt ready to buy in again.
“Other analysts have suggested that the price gains of 2019 are more organic than those seen in 2017, when a market frenzy resulted in a price spike followed swiftly by a major crash.
It has been boosted by cryptocurrency announcements from firms like Facebook and JP Morgan, which have brought mainstream endorsement to the space.
“In the short term, the support from mainstream entities will propel digital tokens forward, and should benefit not only bitcoin but also other alternative tokens,” said Christel Quek, chief commercial officer of cryptocurrency firm BOLT.Global.
“We may see further steep rises for bitcoin as it is slowly nearing its maximum supply of 21 million. Currently, there are nearly 18 million in circulating supply.”
Market analysts suggest the previous 2019 high for bitcoin of around $13,800 will be a key milestone that will determine whether bitcoin continues its impressive run, with some warning that if it is not reached then bitcoin risks losing nearly half its value.
“All eyes are still on the crucial $13,800 level,” Mr Peters said. “Investors will be waiting to see whether this rally has enough stamina to break this level.
“If not, falling back to levels of $7,000 is still highly possible.”