Members of the global Bitcoin community are celebrating the king coin after it hit a new all-time high on Monday. Bitcoin hit $19,900 on Monday morning, directly scaling the last record achieved back in December 2017.
Bitcoin is still one of the best-performing assets in the crypto market, pulling in 167% in gains since the beginning of 2020. Even though it crashed over 50% in a few hours back in March, it has since jumped more than 400% since the March crash.
Speaking to CoinDesk, Delphi Digital co-founder, Kevin Kelly, has spoken on the new development. According to the former Bloomberg equity analyst, Kelly said that the new figures would re-enforce Bitcoin’s strength and importance, especially towards critics:
“The significance of a new all-time high in dollar terms can’t be understated. Many skeptics have publicly denounced Bitcoin for failing to reach a new high despite such a favorable macro backdrop so this is yet another testament to Bitcoin’s staying power.”
Generally, the current sentiment surrounding Bitcoin is a bullish one. Several crypto analysts are of the opinion that not only is the current rally healthy, it is very likely to continue. The analysts have tied the rise in Bitcoin’s price and general health to a continuous flow of retail and institutional funds into the Bitcoin market.
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