More importantly, Goldman Sachs analysts, along with JP Morgan researchers, told their clients in official corporate letters that regardless of their lack of understanding of the technical intricacies of bitcoin and cryptocurrencies, the $135 billion market cap of cryptocurrencies cannot be ignored.

JP Morgan analyst Robert D. Boroujerdi stated:

“With the total value nearly $120 bln, it’s getting harder for institutional investors to ignore cryptocurrencies.There are currently over 800 cryptocurrencies out there, though just nine have a market cap in excess of $1 billion.”

Other analysts including CNBC’s Brian Kelly attributed the elimination of uncertainty in bitcoin’s ability to scale, increasing adoption of bitcoin in regions like Japan and rising demand from institutional investors as the core three factors behind the recent rally of bitcoin price.