Bitcoin breaks past $8,000 to hit yet another 2019 price record

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Bitcoin was last up 1.1% at $7,056 on the Bitstamp exchange after soaring 14% on Saturday - its second largest daily jump this year - to its highest since early August.

It remains to be seen how many other penny stocks will incorporate "Bitcoin" into press releases.

The advance comes only a few days after the digital asset broke through $6,000, and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset taking place in NY this week.

Erlam said the rally, which has spilled over to numerous other 2,000-plus digital coins that trade, harks back to the frenzy that drove Bitcoin nearly to $20,000 in 2017 before it crashed to nearly $3,000 the following year.

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Bitcoin rallied past $8,000, extending its longest winning streak since 2013 while giving fresh momentum to a cryptocurrency market that crashed only previous year. The likes of Fidelity Investments plans to buy and sell Bitcoin for institutional customers soon, and E*Trade is dipping into the trading space.

The largest cryptocurrency is on a tear after trading closer to $5,000 at the start of May and has more than doubled since mid-December. They may find it tempting as the biggest cryptocurrency has gained 60 per cent in a more than two-week climb, compared to a bloody stretch for USA equity markets that wiped more than 3 per cent from both the S&P 500 Index and the Dow Jones Industrial Average. Facebook, meanwhile, is building a crypto-based payment system. Rival coins surged in a broad rally, with Bitcoin Cash up as much as 40%, and Litecoin and Ether both at least 21% higher.

-With assistance from Olga Kharif and Kenneth Sexton (Global Data).

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