Bitcoin’s recent rally continued on Saturday, as the price of the world’s most well-known digital currency briefly rose above $11,000, its highest value in more than a year. That surge came less than 24-hours after traders drove the price past $10,000 on Friday. The Bitcoin price was $10,595 at press time.
TradeBlock digital currency research director John Todara was just one of several analysts who suggested that fear of missing out (FOMO) was helping to fuel the surge in value. A similar FOMO effect was noted in 2017, as Bitcoin’s price rose throughout the summer and fall to eventually hit the $20,000 mark in December.
As Forbes reported today, Todaro also acknowledged the impact of positive industry news in recent weeks. He also suggested that a continued upside in trading could help lure in retail investors who could help fuel an even greater surge:
"I still think retail investors are primarily on the side lines, as Google search trends for bitcoin still remain well below the peak levels seen in 2017.
This will likely change in the next 3-6 months as you see continuous positive developments and high profile projects in the space come on line, and a sustained price rally."