Cryptos: Bitcoin storms to 6-month high above $6,000

The price of a single bitcoin traded at $6,000 for the first time since November 2018, continuing its stellar start to the year. In early trade on Tuesday, the cryptocurrency hit an intraday high at $6,065.06, up 4.4% on the day and more than 60% since the beginning of the year. In most recent action, a single bitcoin BTCUSD, -0.66%  fetched $6,008.92. “It’s all about momentum at the moment,” said Naeem Aslam, chief markets analysts at Think Markets U.K. “We are seeing a build up of OTC (over-the-counter) volume but its mostly buyers, we aren’t seeing any sellers looking to take positions off the table. It’s a really positive sign.” Read: Bitcoin tycoon Silbert kicks off ad campaign against ‘overpriced metal’ gold Bitcoin It’s been a stark turnaround for the broad digital asset market that has added $63 billion in value since the beginning of 2019, and according to data from CoinMarketCap the total value of all cryptocurrencies now stands at $188 billion. Read: More than 20% of institutional investors already own digital assets, Fidelity survey finds The move above $6,000 comes a day after Nobel Prize-winning economist Joseph Stiglitz told CNBC that cryptocurrencies should be shut down as their anonymity promotes illicit behavior. Stiglitz, a known bitcoin skeptic told Financial News last July that “bitcoin could easily be worth $100 in ten years.” But for now, momentum is on the side of the bulls. After logging six consecutive losing months ending in January, bitcoin is on track to book four winning months for the first time since August 2017, with more gains likely, according to Aslam. “If we stay above $5,000, I see $8,000 on the doorstep and then maybe we take a run at $10,000.” Read: Facebook working on cryptocurrency-based payments platform Providing critical information for the U.S.
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