Bitcoin extended its rally this weekend, as it continued to set new price records throughout the day on Sunday. Earlier in the day, the world’s most well-known digital currency surpassed $9,000 for the first time ever. Hours later, that price stood at above $9,700. At press time, that price still hovered near those lofty heights, at $9,674.
Analysts have attributed the continuing price surge to the increased ease with which investors can now purchase digital currency, and interest from institutional investors. Some observers expect that bullish sentiment to only be strengthened by upcoming market events like the launch of CME’s highly-anticipated Bitcoin futures.
That increase in price brings Bitcoin’s market cap to roughly $160 billion. At the same time, renewed interest in other digital currencies has helped the total cryptocurrency market capitalization to rise to more than $300 billion. That number represents an increase of roughly $100 billion in value in less than a month.