Bitcoin prices continued to march higher on Tuesday, trading through $8,000 for the first time in more than nine months.
The price of a single bitcoin BTCUSD, +3.83% hit an intraday day high around $8,300 and in most recent trade the cryptocurrency was trading at $8,058.90, up 2.5%. The best-known coin has now gained around 120% year-to-date.
The surge in the price of digital assets comes as the popular Consensus conference gets underway in New York.
“Definitely think [the Consensus conference] is a major factor (not only) for recent parabolic bitcoin move, especially considering higher overall quality of attendees at the largest crypto conference,” Tom Lee, head of Fundstrat Global Advisors, tweeted late Monday.
The three-day event that attracts the biggest names in the cryptocurrency and blockchain sphere, where some industry heavyweights use the conference to promote and announce new products and partnerships.
On Monday, Tyler Winklevoss and Cameron Winklevoss announced they had entered into a partnership with Flexa, a global payments network, to allow users to spend digital currency, including the Gemini stablecoin and a number of retail outlets including Amazon’s AMZN, +0.91% Whole Foods and NortstromJWN, -4.50%
But others aren’t so sure the move in bitcoin is sustainable, noting the parabolic move in the cryptocurrency as nothing more than confirmation it’s not ready for widespread adoption.
“There’s been no shortage of explanations for the recent spike, some more ludicrous than others and none that are nearly significant enough to match the size of the leap we’ve seen,” said Craig Erlam, senior market analyst at Oanda.
“The only thing that’s clear is that cryptos may be maturing in many ways but price action hasn’t changed. Until it does, I struggle to see institutional investors wanting to get too involved. These big gain days look great and people are always attracted to the prospect of big gains but last year showed us what the flip side of that looks like and it’s ugly.”
Bitcoin has logged gains in 12 of the prior 15 trading sessions and is on track to book its third consecutive winning week.