“Novogratz pointed out that exchanges and big companies are starting to take the cryptocurrency more seriously,” according to CNN.

“Starbucks and Microsoft’ll allow you to use bitcoin,” he said. “As you see more adoption of just people being comfortable with it, it feels like it’s going to go up.”

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Other analysts also see bitcoin growth on the horizon.

“We expect the number of users on the Bitcoin network to continue to grow steadily over the coming months, which is why we believe the Bitcoin price will jump more than 30% over the next three months to reach $8,500,” according to Trefis. “While this figure pales in comparison to the high it reached last year, and is also well below the $10,000-level seen in May, it should be noted that the SEC is still reviewing proposals for a few Bitcoin ETFs.”

For more information on the cryptocurrency market, visit the Bitcoin category.