Bitcoin approaches US$19,000 as true believers look to record high
Cryptocurrency fans cite wider institutional acceptance after PayPal Holding’s October decision to allow customers to access cryptocurrencies led bitcoin to spike above US$13,000 for the first time in over a year.
Bitcoin extended its eye-popping rally, approaching US$19,000 for the first time in almost three years, while enthusiasts predict it will quickly surpass its all-time high.
The largest cryptocurrency gained as much as US$875, or 4.9 per cent, to US$18,821 on Friday. Bitcoin has jumped more than 15 per cent this week. Having more than doubled this year, the surge is spurring memories of its 1,375 per cent rally in 2017 that took it close to US$20,000. It plunged 70 per cent the following year.
“There is little to suggest this rally has run out of steam and all signs point to a run at the all-time high in the near future,” said Denis Vinokourov, head of research at Bequant in London.
Cryptocurrency fans cite wider institutional acceptance after PayPal Holding’s October decision to allow customers to access cryptocurrencies led bitcoin
to spike above US$13,000 for the first time in over a year.
“When we think about who we see getting involved in the space and seeing how many more access points are being opened, that can further expand the base of investors participating in this asset class,” said Michael Sonnenshein, managing director at Grayscale Investments, which offers the largest bitcoin exchange-traded product. “We’re very, very encouraged by the prospects for this space overall.”
The largest cryptocurrency gained as much as US$875, or 4.9 per cent, to US$18,821 on Friday. Bitcoin has jumped more than 15 per cent this week. Having more than doubled this year, the surge is spurring memories of its 1,375 per cent rally in 2017 that took it close to US$20,000. It plunged 70 per cent the following year.
“There is little to suggest this rally has run out of steam and all signs point to a run at the all-time high in the near future,” said Denis Vinokourov, head of research at Bequant in London.
Cryptocurrency fans cite wider institutional acceptance after PayPal Holding’s October decision to allow customers to access cryptocurrencies led bitcoin
to spike above US$13,000 for the first time in over a year.
“When we think about who we see getting involved in the space and seeing how many more access points are being opened, that can further expand the base of investors participating in this asset class,” said Michael Sonnenshein, managing director at Grayscale Investments, which offers the largest bitcoin exchange-traded product. “We’re very, very encouraged by the prospects for this space overall.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
