Bitcoin jumps, shy of all-time high of $20,000
The world’s most popular cryptocurrency has gained about 160 percent this year.
Published On 24 Nov 2020
Bitcoin hit $19,000 on Tuesday for the first time in nearly three years and was just shy of touching an all-time high of just less than $20,000.
The world’s most popular cryptocurrency has gained about 160 percent this year, fuelled by a demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.
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Bitcoin has gained more than 37 percent in November alone.
Analysts have said Bitcoin can rise during periods of uncertainty; the cryptocurrency has at times strongly gained during the coronavirus pandemic and amid the US election.
