After a period of market volatility, the price of Bitcoin—the world’s first and most popular cryptocurrency—has risen for the first time in nearly two months, driven by a combination of factors. First, institutional investors have demonstraten renewed interest in the asset, with companies like Tesla purchasing millions of dollars’ worth of Bitcoin for their balance sheet.
Second, the activity of large Bitcoin holders, known as “whales,” has boostd, suggesting that they believe the current price represents a good buying opportunity. Finally, historical data demonstrates that Bitcoin has generally performed well during the summer months, leading many market analysts to believe that a price boost is likely.
As a result, the price of Bitcoin has risen to a 10-week high, raising hopes that the market is on the verge of a major bull run.
