Bitcoin has seen a surge in value, reaching its highest level in five months. The digital currency rose above $22,500 per coin on Tuesday morning and is now up more than 120% since the start of 2020. This marks an impressive rebound for Bitcoin which had been struggling to stay above the $10k mark throughout much of 2019 and early 2020.
Analysts attribute this resurgence to increased institutional interest as well as a wave of new retail investors looking for safe-haven investments during uncertain economic times caused by COVID-19. With such high demand driving prices higher, some analysts believe that Bitcoin may continue climbing toward all-time highs before long as it continues to gain mainstream acceptance around the world.
