Bitcoin climbs above $7,000 after eight months as cryptocurrency rally extends

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

Bitcoin climbed to the highest since September, briefly surpassing $7 000, as a rally in cryptocurrencies gathered pace in trading over the weekend.

But there is an ongoing blockchain and cryptocurrency conference in NY called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry.

Penny stocks looking to pounce on the cryptocurrency buzz are enjoying a renaissance triggered by Bitcoin's new momentum. Bitcoin had also rallied during previous Consensus conferences. Bitcoin's latest surge started Saturday, when the two US exchanges carrying futures are closed, making it potentially hard for short sellers to cover their wagers. It hit a high of $8,167.50, a roughly 10-month peak.

Increased institutional interest may be driving the rally, with record cash inflows to Bitcoin Investment Trust (GBTC), a leading exchange allowing investors to hold Bitcoin indirectly.

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Considering each contract is equal to 5 bitcoins, the total notional value of 33.7K contracts equates to more than $1 billion in total value traded, and more than 168K worth of bitcoins. This occurs when the 50-day simple moving average has crossed above the 200-day moving average.

Just a month ago, very few voices in crypto were as optimist as to imagine that Bitcoin would now be back to price levels of May of 2018.

As the graph below displays, which charts the price of Bitcoin against USDT on Binance, after breaking the $8,000 range yesterday from the first time since May of 2018, Bitcoin took a sudden downturn of nearly 10% which made many traders believe that the bull run was over.

Bitcoin remains far from its 2017 high of $20,000.

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