Leading cryptocurrency Bitcoin soared to the highest level in five months during the previous session, continuing the rally which has seen its price climb by nearly 50% since the beginning of 2020. At the time of writing, BITCOIN is trading at a little above $10,300.

Bitcoin has managed to sustain the momentum from the beginning of this year when there was rally for cryptocurrencies during geopolitical tensions between the US and Iran. The sentiment in conventional financial markets had then deteriorated, sending traders towards cryptocurrencies instead.

Then also seems to be an increase in demand for Bitcoin over the upcoming 50% reduction introduction which is expected to come into effect in May this year. Bitcoin’s underlying code is expected to halve the number of new coins being offered to miners which could lead to a tightening in the supply, a sentiment which is also supporting the recent bullishness seen in this leading crypto.