Bitcoin has risen to Ksh.5,428,966.00, reaching its highest level since December last year compared to when it last slumped to its lowest in January to Ksh.Ksh.4,343,177.
The largest cryptocurrency by market value rose nearly 5 percent to 48,215 U.S. dollars.
Bitcoin is now at its highest level of the year and the latest rally brings its year-to-date gains to nearly 5 percent.
According to Guantai Kathurima, the founder of BitcoionMtaani, the Bitcoin price surge is attributed to a “global rise in its adoption due to education proving the flaws of the fiat-based legacy financial system,”
Bitcoin has now gained 17 percent over the past week but still remains about 30 percent below the record high of Ksh.7,935,247.80 reached last November.
Ether, crypto’s second-largest in terms of market capitalization, is up to Ksh.389,621.37 (US$.3,388).
“Bitcoin hitting its 3-month high, signals an expected and much-awaited market recovery,” said Raj Karkara, COO, ZebPay in a report by CGTN.
“With a number of countries indicating plans for positive regulation around crypto, investor sentiment seems to be surging, resulting in some of the highest 24-hour trading volumes we’ve seen in the last quarter. Many experts consider this to be the beginning of a strong bull market, however, time will tell to what extent they are right,”
