Bitcoin climbed to the highest since September, briefly surpassing $7,000, as a rally in cryptocurrencies gathered pace in trading over the weekend.
But there is an ongoing blockchain and cryptocurrency conference in NY called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry.
"There are literally dozens of reasons for Bitcoin to be surging right now but the important thing to remember is the main driver of this rally is increased adoption", Mati Greenspan, a senior market analyst at eToro, told Business Insider.More news: Google Trips is a one-stop hub for your vacation plans
Bitcoin has jumped almost 40% in the past week and has more than doubled in the past year, driving speculation of a comeback to 2017 levels. It hit a high of $8,167.50, a roughly 10-month peak.
Bitcoin rose as much as 6.9% to US$7,445, before trading at US$7,323.86 as of 2:15 p.m. Hong Kong time on Sunday, according to Bitstamp. "The current negativity is driving investors to alternative or safe haven assets, which is benefiting Bitcoin".
In addition, Lukman Otunuga, research analyst at FXTM, said the bullish "golden cross" is already in play on the daily charts.More news: PG&E lines blamed for deadliest wildfire in California history
Bitcoin rallied past $8,000, extending its longest winning streak since 2013 while giving fresh momentum to a cryptocurrency market that crashed only a year ago.
Just a month ago, very few voices in crypto were as optimist as to imagine that Bitcoin would now be back to price levels of May of 2018.
But so far on the year, bitcoin has been up a sparking 119%.More news: Watch the Super Mario Maker 2 Nintendo Direct here