Bitcoin on Wednesday broke through US$18,000 to hit a new year-to-date peak as its blistering 2020 rally, driven by demand for its perceived quality as an inflation hedge and expectations of mainstream acceptance, powered on.
Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic//File PhotoLONDON: Bitcoin on Wednesday broke through US$18,000 to hit a new year-to-date peak as its blistering 2020 rally, driven by demand for its perceived quality as an inflation hedge and expectations of mainstream acceptance, powered on.
The original and biggest cryptocurrency was last up 3per cent at US$18,175, its highest since Dec. 2017. It has gained over 160per cent this year, and has jumped 17per cent in the last 3 days alone.Bitcoin is now close to its all-time high of just under US$20,000, which it touched at the peak of its retail investor-fuelled 2017 bubble.
The emerging asset's 12-year history has been peppered with vertiginous price rises and equally sharp crashes.
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