Bitcoin passes $7,000 level as winning streak continues

Litecoin and Cardano rise by 6% in one-hour altcoins buoyed by BTC ascendance

Other cryptos gained in Bitcoin's wake.

Erlam said the rally, which has spilled over to numerous other 2,000-plus digital coins that trade, harks back to the frenzy that drove Bitcoin nearly to $20,000 in 2017 before it crashed to nearly $3,000 the following year. Blockchain Week is underway, co-sponsored by the New York City Economic Development Corp., and the Consensus forum is set to start, where people are "expecting a higher-quality conference", Lee said.

Bitcoin's price is rallying, surpassing the $8,000 for the first time this year.

According to Coindesk price charts, this is the sharpest increase the cryptocurrency has seen since July of a year ago when it rose over $2,000 in under two weeks, which has naturally led to a huge amount of speculation about what is driving the current market.

While it is hard to say what might have triggered the stellar recovery, analysts point out to the signs faster of institutional adoption as companies like Fidelity Investments and E*Trade expand their presence in the industry. Facebook, meanwhile, is building a crypto-based payment system.

Digital currency experts have weighed in on reasons for the surge. Rival coins surged in a broad rally, with Bitcoin Cash up as much as 40%, and Litecoin and Ether both at least 21% higher.

In late April, hedge funds and other investors were holding their biggest short position yet, Commodity Futures Trading Commission data showed.

And that's aside from the volatility - Bitcoin peaked above $19,000 in December 2017 before crashing back to earth in the succeeding months.

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