“Participation in the rally has been broad-based, with several so-called alt-coins gaining in value recently. This is seen as a bullish catalyst for the entire cryptocurrency space,” CNBC reports, citing Baruch. “Bitcoin has seen a bounce from its 2018 lows even in the face of ongoing regulatory concerns, including a new inquiry from New York Attorney General Eric Schneiderman into exchanges like Gemini and Coinbase’s GDAX exchange.”
There is significant room for growth in the cryptocurrency universe. Recent data suggest a small amount of American investors own any digital currencies and, after bitcoin, the numbers of crypto ownership dwindle.
Some bitcoin bulls believe the cryptocurrency can return to $20,000 or even move to $25,000 as soon as later this year.
For more information on the cryptocurrency market, visit our Bitcoin category.