Bitcoin holds above $7000 after hitting nine-month high

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Bitcoin holds above $7000 after hitting nine-month high

Bitcoin surged to more than $8,000 late on Monday, its highest level since July past year, as the cryptocurrency's rally gained further momentum.

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.

Bitcoin has jumped almost 40% in the past week and has more than doubled in the past year, driving speculation of a comeback to 2017 levels.

Bitcoin was last up 1.1% at $7,056 on the Bitstamp exchange after soaring 14% on Saturday - its second largest daily jump this year - to its highest since early August. Rival coins surged in a broad rally, with Bitcoin Cash up as much as 40%, and Litecoin and Ether both at least 21% higher.

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.

It remains to be seen how many other penny stocks will incorporate "Bitcoin" into press releases. It hit 60% market share during the recent rally and the last time it held that position was in December 2017 when Bitcoin was trading at its all-time high. Cryptocurrency markets have previously fallen after high-profile security breaches.

Bitcoin jumped to nearly $8,000 and didn't look back, as its longest winning streak since 2013 continued to rekindle the global cryptocurrency market.

But so far on the year, bitcoin has been up a sparking 119%.

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