Bitcoin at record highs above $ 4000

Dhwani Mehta FXStreet

The BTC/USD pair extended its bullish momentum on Monday, having surpassed Friday’s high of $3580 to refresh record highs above $ 4000 mark.

The latest upsurge in Bitcoin was mainly driven by renewed optimism, after a plan to quicken trade execution by moving some data off the main network was activated last week.

The crypto currency jumped to a peak of $4,125.17 on Monday, a gain of 15% since Friday.

Justin Short, London-based founder of trading platform Nous, as cited by Bloomberg, noted: “People are starting to price in the consumer demand from Coinbase’s $100 million fund-raising round. That’s a lot of advertising budget. Every $1 million of marketing brings new demand, which increases the price as the supply is limited by design.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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