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Bitcoin Breaks $8,000 as Cryptocurrency Extends Two-Week Rally

  • Biggest digital coin adds to Monday’s 25% jump, buoys rivals
  • Return of ‘FOMO behavior’ may be spurring latest gains: Oanda
Bloomberg business news

On May 8 Mike Novogratz said bitcoin would struggle at $6,000 before moving higher.

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Bitcoin rallied past $8,000, extending its longest winning streak since 2013 while giving fresh momentum to a cryptocurrency market that crashed only last year.

Just hours after leaping 25% on Monday with no apparent explanation, the largest digital token added as much as 5.9% on Tuesday. That helped push the crypto universe’s total market value to almost $250 billion -- a level not seen since last August -- as tokens including XRP, Ethereum and Dash all advanced more than 4%.