The bitcoin price rally comes after ethereum, the second-largest cryptocurrency, soared to never-before-seen highs last week.
I wouldn’t be surprised if it happened within the cycle,” Rahul Rai, the co-head of market neutral at BlockTower Capital, told Insider.
“Bitcoin is a store of value, it’s digital gold,” said Rai.
As well as demand for ethereum soaring in recent months, the supply of ether tokens has also been put under pressure.