Bitcoin, the world's largest cryptocurrency, came close to reclaiming the $23,000 level on July 18, soaring to as high as $22,958 on the Bitstamp exchange.
The bellwether cryptocurrency reached its highest level since June 14, recovering more than 30% from the local bottom of $17,592 that was recorded on June 18.
Bitcoin has since pared some of its recent gains, currently trading in the red.
The recent uptick in price has contributed to improving market sentiment, ending the longest streak of "extreme fear" to date.
Bitcoin is still down 68.15% from its record peak.
As reported by U.Today, JPMorgan estimated that Bitcoin's cost of production had dropped to as low as $13,000, which means that the cryptocurrency's intrinsic value is now much smaller.
In the meantime, Arthur Hayes recently predicted that the price of the largest cryptocurrency would eventually hit $1 million. However, he urged holders to patient.
The U.S. Federal Reserve's hawkish monetary policy remains the main concern for investors. The central bank is expected to another massive rate hike later this month.