Bitcoin Bulls are running as prices spike above

The Bitcoin bulls are back in.

The price of Bitcoin surged today by $1268.19 reaching a six month high of $11203.90 or a one day gain of 12.37%. It's another indicator of the resurgence of both investor interest in the technology and renewed confidence in its long term prospects after a rough year of regulatory scrutiny and declining value in the major cryptocurrencies.

For cryptocurrencies like Alyse Killeen an advisor to Mantis VC the investment firm launched by the celebrity music duo The Chainsmokers. the climb in Bitcoin prices reflects the increased stability of the infrastructure that undergirds Bitcoin specifically, and more distributed ledger technologies more broadly.

Bitcoin has much more intrinsic value today then it did a year ago just from an infrastructure perspective Killeen wrote in a direct message.

The Lightning network is working sidechains are working. And so you can do more with bitcoin today then you could last year.

The Lightning Network is a second layer technology for Bitcoin that scales the blockchains ability to actually use the network.

It's morw then just increasing capacity driving the surge in investor interest and prices Killeen wrote There also the decreased supply of available bitcoin a function of the halving of coins in circulation which happened earlier this year.

More over Financial institutions are now holding cryptocurrencies giving investors more confidence in the security and fungibility of the assets Killeen wrote.

Some blockchain experts like Willy Woo who is an analyst now working at lvl to launch Bitcoin banking services even called the timing for the most recent bull run.

Killeen also expected the markets to rise in the third quarter or early fourth quarter thanks to the increasing infrastructure to support transaction and activity on the blockchain the increasing amount of bitcoin in circulation and a response to the halving of currency in circulation.