Bitcoin’s price has escalated to over $6,000 for the first time since November 2018, according to CoinDesk.
The cryptocurrency also saw an increase in its market capitalization value at above $100 billion, as well as its dominance rate at 56.8 percent.
Data from CoinmarketCap shows that Bitcoin’s dominance rate for May 9, 2019 is its highest since September 2018, which saw a 57.1 percent recorded rate.
CCN also reported that prior to Bitcoin exceeding the $6,000 resistance level, several analysts and traders speculated that another major bull run might take place if the value of Bitcoin surpasses $6,200.
Multicoin Capital General Partner Vinny Lingham said in April that a bull market might resurface if Bitcoin’s price reaches or surpasses $6,200.
“But if it’s pure speculation and other assets benefit disproportionately to value created, it’s likely not going to end well again!” Lingham noted.
Other cryptocurrencies such as Ether, EOS, and Cardano are also recently seeing a spike in their market cap value.