Bitcoin appeared to be hitching a ride higher with traditional investment assets on Monday, as the price of the digital currency touched nearly $9,000 and its rivals also moved higher across the board.
The price of bitcoin
climbed 7% to $8,654.03, having touched a high of $8,845.37 on Monday so far, according to CoinDesk.com. The world’s largest cryptocurrency by market cap moved to as high as $9,058.80 on Saturday, before pulling back.
Elsewhere, ether, the coin on the Ethereum blockchain, was higher by 5.8% at $863.38, while bitcoin cash was up trading 4.9% higher at $1,279.94. Among other digital currency rivals, Ripple surged 8.3% to $1.08, and Litecoin gained 6.5% to $158.82, according to CoinDesk.
Like U.S. stocks, cryptocurrencies finished last week on a higher note, and that sentiment appeared to be helping keep prices elevated on Monday. Following a late-session rally for Wall Street on Friday, Dow futures
rose nearly 300 points on Monday, with global stocks and oil prices also moving higher.
But regulatory questions persisted for the crypto space on Monday. Christine Lagarde, head of the International Monetary Fund, said that due to their potential use in illegal activities, it would be “inevitable” to see tighter regulatory actions for cryptocurrencies.
“It’s clearly a domain where we need international regulation and proper supervision,” she said in an interview with CNN.
The market capitalization of the cryptocurrency universe has climbed to over $428 billion from just over $398 billion on Friday, according to Coinmarketcap.com.