Bitcoin climbs above $7 000 as cryptocurrency rally extends

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

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

Bitcoin surged more than US$1,000 this weekend to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the NY attorney general's investigation of a key part of the market.

Monday's advance of as much as 26% comes only a few days after the digital asset broke through $6,000 and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset that are taking place in NY this week. 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.

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. But it is too soon to declare bitcoin as a safe-haven asset, they said.

David Thomas, of London-based cryptocurrency broker GlobalBlock, said the breaching of a key 6,000 US dollars support level last week had fueled interest among investors.

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017.

Binance, a large crypto exchange, reported a hack of 7,000 Bitcoins with about $40 million.

After an extensive slump since the end of a year ago, Bitcoin prices have now spiked to a nine-month high of nearly $8,000, leaving analysts and enthusiasts questioning what might have caused the sudden uptick. A year ago it lost some three-quarters of its value amid tighter regulation across the world.

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