Bitcoin, the most popular and the largest cryptocurrency as per market capitalization, is up 144% year-on-year.
The price of a single bitcoin is currently around $8,670 compared to $3,550 seen on Jan. 22, 2019.
The cryptocurrency broke into a bull market in April 2019 with a strong move above $5,000 and rose to highs above $13,800 but the end of June.
While the first half of 2019 was dominated by the bulls, the sellers regained control in the second half, pushing prices as low as $6,400 by mid-December.
The trend, however, changed for the good recently with a huge breakout on the weekly chart.
Popular analysts like @TheCryptoDog believe the cryptocurrency has bottomed out and dips are for buying.
The cryptocurrency is set to undergo mining reward halving in May. The previous two halvings led to significant appreciation in bitcoin’s price.
The event has been extensively discussed over the last 12 months and majority of investors are aware of bitcoin’s solid performance ahead of and after previous halvings.
So, investors are unlikely to offload their holdings anytime soon, helping the cryptocurrency keep recent gains. Bitcoin is currently up 20 percent on a year-to-date basis.