Bitcoin (BTC) appears to powering up to the best second quarter price gain on record and the best quarterly performance overall since late 2017.
At press time, the 165 percent gain on the April 1 opening price of $4,092 is the biggest percentage rise observed in May to June to date gain by Bitstamp data.
Further, bitcoin’s triple-digit gain so far Q2 is the best quarterly rise overall since the fourth quarter 2017. Over the period, the cryptocurrency rose 230 percent, propelling prices to a lifetime high of $20,000 in December.
With the 165 percent price rise, BTC seems to have left the bear market far behind. On fact, the bearish-to-bullish trend change was confirmed on April 2, when priced rallied $1,000 to levels after $5,000.
The cryptocurrency then rose above $8,000 in the run-up to New York blockchain week held from May 18 and remained bid after the event to highs near $9,100 on May 30.
The two month double-digit winning streak has now extended to June with prices briefly hitting 15- month highs above $11,000 over the weekend. The recent leg higher from $7,500 to $10,000 could be associated with facebook’s foray into cryptocurrencies.
Observers believe that favebook’s “libra” project will not only boost the adoption of crptocurrencies but will also strengthen bitcoin’s appeal as an anti-establishment asset.