Bitcoin moved higher Wednesday to trade near a 10-month high as traders awaited further positive catalysts to raise bullish bets on the popular cryptocurrency.
Bitcoin (BitfinexUSD) rose 3.4% to $8,098.90 on the Bitfinex exchange, down from a high of $8,114.40.
Bitcoin's six-week rally has not gone unnoticed among some prominent crypto bulls, who predict the popular crypto could rally to $100,000, citing a bullish backdrop for cryptocurrencies.
Long-term fundamentals, as well as medium-term monetary policies, all contribute to a bullish environment for Bitcoin, according to Max Keiser, host of the Keiser Report, who maintained his $100,000 price target.
Some have attributed the dramatic rise in Bitcoin from a low of around $4,000 last month to a ramp-up in activity by institutional investors.
Bitcoin futures, which allow institutional investors a vehicle to gain exposure, recorded a new all-time record of 33,700 contracts sold in one day on Tuesday, according to the CME Group (NASDAQ:CME), the world's largest options and futures exchange. That surpassed the prior records of 22,500 and 18,300 set on April 4 and Feb. 19 respectively.
Other cryptocurrencies followed Bitcoin’s move higher as Ethereum rose 16.03% to $242.47, Ripple added 7.72% to 0.43500 and LTC/USD surged 13.73% to $102.42.
The total crypto market cap, which stands at about $240 billion and is often use to gauge demand, has more than trebled since its December trough.