Bitcoin Jumps 17% to $23,184, Extending Year's Rally

Bitcoin rose by about 17% during Thursday's trading, reinforcing its record high of $23,000, with gains of more than $74 billion for the cryptocurrency market.

The world's largest cryptocurrency broke the level of $20,000 on Wednesday for the first time in its history, and continued its record gains to more than $23,000, with the increasing interest from institutional investors.

Cryptocurrencies, led by Bitcoin, received additional support, with the Federal Reserve's confirmation yesterday that financial and monetary support to the economy will continue.

Bitcoin, which is seen as a hedge against inflation, has risen more than 220% since the start of 2020, benefiting from the corona pandemic.

By the end of trading, Bitcoin had risen about 16.9% to $23,184, after hitting $23,585,000, the highest level ever.

Ethereum also rose about 11% to $663.1, and Ripple rose 23.8% to $ 0.571. Moreover, litecoin jumped 21.5% to $101.1, while Tether fell 0.2% to $0.998.

During the same period, the total market cap of cryptocurrencies rose to $657.6 billion, compared to $583.3 billion yesterday.