The price of the digital currency “Bitcoin” jumped $ 19,000 on Tuesday, for the first time in almost three years, and is close to reaching an all-time high of $20,000.
The world’s most popular cryptocurrency has increased nearly 160% this year, supported by demand for riskier assets amid unprecedented fiscal and monetary stimulus measures.
Also, appetite for assets deemed resistant to inflation and expectations that cryptocurrencies will gain widespread acceptance gave the digital currency a push toward the highest level since its launch.
Bitcoin has gained more than 37% in November alone. The rise in cryptocurrencies, led by bitcoin, comes as positive developments regarding potential vaccines for the coronavirus are anticipated.
Digital currencies continue their strong gains recently, with hopes of increasing reliance on them by companies, especially after the payment company “PayPal” announced that it will allow customers to use, buy and sell cryptocurrencies.
