The flagship cryptocurrency hits its highest level in more than two months as inflation is expected to rise by another 0.5% in July.
The top cryptocurrency climbed 1.65% to $45,363 on Aug.8, continuing the upside momentum that has already seen it jumping 21.62% from its August 5 low of $37,300.
Ether (ETH), the second-largest crypto by market cap, increased 29.78% from its Aug. 3 low of $2,630, crossing over $3,100 on Sunday. Its gains came after Ethereum’s London hard fork went live on Aug. 5.
Analyst Willy Woo said the ongoing Bitcoin momentum should push its prices above $50,000, citing supply-demand imbalance in the market. He said that all investor cohorts were buying Bitcoin, which led to supply shock.