Bitcoin (BTC) has continued its rally in price over the past three months to break $10,000 today for the first time in over a year.
Bitcoin broke the $10,000 mark today around 23:30 UTC after trading in the $3,000-$4,000 range for the first four months of the year.
Bitcoin peaked above $18,000 in late 2017 before losing 80% of its value and bottoming out in December of last year. Bitcoin has now more than tripled its price from that low.
Bitcoin’s recent price rally has come with analysts predicting new record highs for the cryptocurrency in the very near future. Thomas Lee, co-founder and head of research at Fundstrat, spoke to CNBC and said, “I think bitcoin ultimately becomes a reserve currency in crypto, bitcoin at $9,000 has only been at this level in four percent of its history. We’re deep into a bull market and people are pretty silent about it. I think bitcoin is easily going to take out its all-time high.”
Also this week, the bitcoin hash rate, the total computing power of the network, has reached all-time highs. Among bitcoin analysts, the ‘hash rate’ of the cryptocurrency is an important sign, taken as a measure of how much interest there is in mining the cryptocurrency.