Bitcoin closed the month of July at $11,351, its highest monthly close since the bellwether cryptocurrency’s all-time high nearly two-and-a-half years ago.
Prior to this month, bitcoin had closed below $11,000 every month since nearly reaching $20,000 in December 2017.
Bitcoin futures on CME closed July at $11,620.
Bitcoin gained 24% in July, according to Messari, a relief to bullish traders after a 3% loss in June.
Bitcoin’s investor base is “highly favorable” for a continued move up, said Yan Liberman, former associate at Deutsche Bank and co-founder of Delphi Digital.
“The supply on exchanges is close to 12-month lows,” said Liberman, who said this signals a strong commitment to hold bitcoins for the long term. The percent of bitcoin’s supply that has not moved in the past year is at all-time highs, he added.