Bitcoin gained for a 14th day as speculation intensified more governments and regulators across the world are finally set to accept cryptocurrencies.
On Tuesday the Canadian Conservative candidate for Prime Minister admitted he wants Bitcoin to be legal tender in the country.
Canadians need “more financial freedom, [which] includes freedom to own and use crypto, tokens, smart contracts, and decentralised finance,” Pierre Poilievre, said.
This added to ongoing speculation the British Chancellor Minister Rishi Sunak is finally going to announce a new regulatory regime for cryptos.
Bitcoin rose 1.7% to US$47,668 as it approached the all-important resistance level of US$50,000, which market experts anticipate may ignite a bull run.
“Cryptos are back in the spotlight and it is highly likely that Bitcoin will breach the resistance of 50k this week on the back of the strong upward momentum,” Naeem Aslam, Avatrade chief market analyst, said.
Its closest rival by popularity, Ethereum, was headed for its fourth green day, climbing 2.9% to US$3,411.
The second-largest crypto has soared almost 40% in the last three weeks, mirroring the market optimism.
“The fact that [the] Bitcoin price is going higher is also lifting other crypto assets as well,” Aslam added.
Terra and Shiba Inu were the biggest risers amongst the leading digital currencies, advancing 9.9% and 5.9% respectively.
Although Waves stole much of the limelight after it skyrocketed 51% to US$48.00.
Most notable to buck the trend were Algorand, VeChain and Elrond, down 1.8%, 5.5% and 2.5% respectively.