Bitcoin’s back! BTC blows past $11,000, up almost 300% this year

Bitcoin soared above the $11,000 mark on Monday, reaching a more than 15-month high. The world’s most popular cryptocurrency hit $11,234 during early trading, nearly tripling in value since January.

Bitcoin has led the resurgence of the cryptocurrencies market as investors seem to have recovered their appetite since the crypto bubble burst in 2018. Last year saw bitcoin drop from its $19,000 peak to just above $3000.

Some analysts link the renewed interest in cryptocurrencies and their recent bullishness to hype surrounding the release of Facebook’s cryptocurrency, Libra. Earlier this month, the social media giant released a whitepaper explaining the project, which is to be launched in 2020.

“The price surge is due to two major factors,” Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups, told CNBC.

“One is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two Facebook’s Libra cryptocurrency launch has forced every CEO to take crypto seriously.”

Cryptocurrencies have divided opinions, with supporters proclaiming digital coins as the way of the future and naysayers predicting their eventual collapse.

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