Bitcoin set for an all-time high

Other major crypto currencies have also seen considerable gains in recent days

Bitcoin is once again pushing towards an all-time high after a major price rally in recent days.

The crypto currency was trading above $70,000 (£55,000) on Wednesday, up 10% over the last week and just $3,000 away from the record high it reached in March.

The latest price surge and continued momentum has led some market analysts to speculate that a new all-time high could be hit within the next few days.

Crypto expert Simon Peters said the positive week came as a result of lighter than expected inflation data in the US.

Bitcoin in particular has become increasingly correlated with US equity markets in recent weeks, Peters, an analyst at the online trading platform eToro, stated to The Independent.

As we go into the second half of the year, the macroeconomic climate, especially inflation data and potential reductions to interest rates, will play a key role in the direction of bitcoin prices for the remainder of the year, Peters said.

Geoff Kendrick, head of digital assets research at Standard Chartered Bank, told The Block that he expected a “fresh all-time high in bitcoin by the weekend”.

Other major crypto currencies have also seen considerable gains in recent days, with Ethereum (ETH), Solana (SOL) and Avalanche (AVAX) soaring 15-25% over the past seven days.

Dogecoin (DOGE) and Cardano (ADA) saw more modest gains, both gaining nearly 7% over the same period.

The positive price movements pushed the overall crypto market cap above $2.5 trillion.

Alex Kuptsikevich, a senior analyst at FxPro, said certain market signals suggested “a return to the bull trend” that dominated the first few months of the year.