Bitcoin hits 13-week peak on surging demand

Bitcoin rose on Monday for the seventh straight session, marking 13-week highs and on track for 2022 highs amid surging crypto demand.

Bitcoin managed to break through the sideways trading that dominated the last two months after strong Russian support.

At Bitstamp, Bitcoin rose $910, or 1.9% to $47,765, the highest since January 2, after closing up 5.25% on Sunday, the sixth profit in a row, and the longest such streak of gains in 2022.

Bitcoin spiked 13.5% last week, the second weekly profit in a row, and the largest since April 2021.

Market value for cryptocurrencies rose $45 billion to a total of $2.13 trillion, the highest since early January.

Russian Support

Russian officials strongly indicated interest to accept Bitcoin as payment for its gas and oil exports to friendly nations.

And Russia has also started to discuss alternative payments methods other than the dollar with friendly countries, especially China, with Bitcoin rising as a strong candidate.

Energy is Russia's most valuable currency, and the biggest source of national income, amounting $119 billion in 2021.

Now analysts expect more gains for bitcoin, probably hitting $50,000 in the next month or two.