Bitcoin was enjoying a spring breakout Monday, topping the $47,000 threshold and trading in positive territory for 2022.
The world’s most popular digital asset
was up around $700, or 1.5%, near $47,551 over the past 24 hours, according to FactSet. With gains over the weekend, bitcoin was up around 2% for the year to date, trading at its highest since Dec. 31.
Bitcoin traded at an all-time high near $69,000 in early November, then began a swift slide that took it below $33,000 on Jan. 24, according to FactSet.
“News of potential regulation and increasing institutional investments along with mass adoption continue to boost prospects for the digital assets and news of several upgrades taking place across networks like Ethereum are continuing to spark optimism,” said Walid Koudmani, chief market analyst at XTB, in a note.
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“Despite what some may think, regulation by governments could actually prove to be a key development for the industry as many reluctant investors may see it as a sign of safety and become more tempted to venture into a previously uncharted territory which was considered by many too volatile and uncertain to enter and which may ultimately lead to a significant increase in the rate of mass adoption which could as a consequence boost prices even further,” Koudmani wrote.
Also see: Ether hits highest level in over a month on excitement for major blockchain upgrade
The $44,000 to $45,000 level had previously proved stiff resistance, turning back rallies three times, analysts at Bespoke Investment Group noted Friday.