A Bittrix has hit a new record price of $1,095, a move that may indicate that investors are ready to move beyond a bear market and that bitcoin is a viable investment.
The cryptocurrency surged on Friday to $1.095 per coin, which is the highest since December 18, 2018, when it hit $1 with the backing of the Winklevoss twins.
The move was backed by the U.S. Federal Reserve and other central banks, which are urging the cryptocurrency to move towards mainstream adoption.
“The Bittx has done quite well and has a lot of upside potential,” said David Karp, managing director of Bitcoin Asset Management.
“A lot of people are starting to take bitcoin seriously and it is a good sign for the future.”
The cryptocurrency rose after Bitcoin Core developer Mike Hearn published a tweet suggesting the cryptocurrency could go up to $5,000, according to CoinDesk.
He later clarified his tweet and said he meant to say the cryptocurrency was at $5K.
The Bittox price has increased by more than $1 since its previous peak in late January, according the CoinDesk data.
The value of Bitcoin has risen over $10,000 since it reached $3,600 in early 2018, according data from the CoinMarketCap website.
BittX is a reference to the Bittorrent file-sharing platform, which was created in 2009 by the Winkler brothers.
Bitcoin Core and other developers on the platform use bitcoin to exchange digital currencies, with bitcoin being the only asset that can be traded on the network.
The platform has seen a rise in adoption and a number of projects are currently operating on the Bittylicious platform.
The digital currency is used by some major banks to transfer money between their platforms.
A number of other exchanges have recently announced they will accept bitcoin, according in a blog post published on Thursday by Coinbase.
“As a result, it is no surprise that a lot more people are now buying and holding Bittrxs.
And in our view, this is a big reason for the incredible rally in price,” said Mark Smith, head of technology and trading at BTIG, a financial services firm.
Smith said that as bitcoin moves up, other cryptocurrencies will follow suit.
“It’s not going to be long before it’s the first cryptocurrency that people want to buy and hold, and we see that trend continuing.”
Bitcoin is traded on exchanges like Coinbase and Bitfinex, with the majority of transactions taking place over the wire.
While there is a long way to go before people will start trading cryptocurrencies, Smith said it’s not impossible.
“This is not something we have seen before,” he said.
“There are probably tens of millions of dollars worth of bitcoin that are sitting on exchanges right now.
And the only way to get to them is through an exchange.”
CoinDesk is a subsidiary of Digital Currency Group, which also owns Bitcoin.com, Coinmarketcap.com and CoinReport.com.