Bitcoin‘s price has remained steady, for months but it moved above the $10,000 mark on Sunday for the first time since June. It still remains some way off its December 2017 high of $19,166.
Coindesk, the cryptocurrency trading app, reported that the expectation of Bitcoin returning to that high has improved in recent months, with the probability of it breaching $20,000 before the end of the year placed at 7pc.
Joe DiPasquale, chief executive of cryptocurrency investor BitBull, said that there were “significant changes” in the way institutional investors viewed Bitcoin since March.
“Now that institutions have moved into Bitcoin in 2020, the price has shown more support over the last couple of months,” Mr DiPasquale said in an interview with Forbes.
“We will not see a repeat of the March crash, but bitcoin will still remain somewhat more volatile than equities.”
Crypto trading is becoming increasingly commonplace among investors with fintechs like Revolut offering the option for customers to buy into the currency.