The price of bitcoin surged toward $10,000 Thursday as the cryptocurrency hit its highest price in 15 months.

Bitcoin was trading at $9,726.60 at 11:05 p.m. EDT, its highest level since March 7, 2018, and near levels it was trading at in January of the same year as the bull run of 2017 turned into a long-term bear run over 2018.

The cryptocurrency’s started heading upward over the weekend after a sluggish month typified by what some called a “bull exhaustion” following a steady rise since March. That momentum was attributed to a number of factors, including the then-forthcoming launch of Facebook Inc.’s cryptocurrency as well as an announcement that Binance was exiting the U.S. market.

Fast-forward nearly a week and despite some criticism, surging media and mainstream media interest in cryptocurrencies after Facebook’s launch of Libra is being credited as playing a role in bitcoin’s price rise.

Another contributing factor may be the Federal Reserve hinting of interest rate cuts as soon as its next meeting. While good for markets and money supply, lower interest rates result in a weaker dollar, making bitcoin an appealing alternative.

When the Fed prints, #Bitcoin rips.

— Arthur Hayes (@CryptoHayes) June 20, 2019

Another theory, one with precedent given the record price surge in 2017, is that momentum may in itself be a driving factor. “Perhaps the most potent thing driving bitcoin is sentiment itself,” CCN wrote. “Traders have aggressively bought the dip after enduring a long and torrid crypto winter. Investors are riding a wave of relief that the downtrend, at last, may be over.”

Just how long the current bull run may last is always anyone’s guess, but some are expecting it to continue. Tyler Winklevoss, for example, believes that once bitcoin breaks $10,000, a price of $15,000 will be next.

If Bitcoin Breaks 100k you can bet it will break a million:)

— John McAfee (@officialmcafee) June 19, 2019

While bitcoin continues to surge, the same can’t be said for other cryptocurrencies. CoinDesk noted they have remained fairly flat in trading today with some exceptions, including Monero and Binance Coin.

Smaller cryptocurrencies have a mixed relationship with bitcoin, with general market sentiments usually seeing them move in sync. However, at least at the moment, it would appear that serious investors are flooding into bitcoin while ignoring some of the alternatives.

Image: Pixabay