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The cryptocurrency Bitcoin continued on a roll Tuesday nearly eclipsing the $13,000 mark during the evening hours.
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Bitcoin and other cryptocurrencies now account for upwards of 70 percent of all funding in restrictive online gambling markets.
The Bitcoin price has rocketed from under $5,000 per bitcoin in early April to over $10,000 this past weekend, and now it is hitting new year-to-date highs.
"The first time bitcoin breached this level to the upside was in a frenzy of fear-of-missing-out as most of the world was just learning what this new digital asset is all about," eToro's senior market analyst Mati Greenspan wrote in a note to clients this week.
"This time, however, the rise seems much more sustainable and the current price more justifiable given the current levels of awareness and adoption."
Greenspan also pointed to the number of transactions per second happening on bitcoin's blockchain, which have above 3.5 transactions per second since the start of 2019--a level only briefly reached in 2017 before falling back.
Facebook and Apple taking interest in Bitcoin also shows a vote of confidence.
- Aaron Goldstein, Gambling911.com
