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Bitcoin hits new all-time high after trading above $19,700 for the first time since 2017

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Sky could be the limit for bitcoin value, or maybe not

Bitcoin hit record highs on Monday, surging above $19,800 to smash its December 2017 peak.

The world’s most popular cryptocurrency traded at $19,843 as of 10:21 a.m ET, bringing the gain for the year to 186%.

“The Bitcoin correction didn’t last long, with the cryptocurrency having sights set on new highs once again,”

READ: Luno now offers 4% interest per month on bitcoin in South Africa


Bitcoin set a new all-time high on Monday, trading above $19,700 for the first time in three years.

The digital token was trading up 8% at $19,843 on Monday afternoon, exceeding a previous record of $19,783 set in Dec 17.

“A move into uncharted territory and the psychological boost that would come with a move like this could propel Bitcoin aggressively higher.”

READ | Financial watchdog proposes big shake-up for crypto in SA

 

Meanwhile the rand has weakened more than a percent, wiping out the past week’s gains to trade at R15.42/$.

The dollar is on track to to lose more than 6% of its value this month – its biggest monthly fall in four years.

 

Bitcoin is winning the Covid-19 monetary revolution

 

Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple,

To $100,000 (about R1.5m) in a year. It’s a wager that has drawn eye-rolls from sceptics who believe

The volatile cryptocurrency is a speculative asset rather than a store of value like gold.

 

Since January, bitcoin has gained about 140%,bolstered by strong institutional demand as well as scarcity as payment companies

Such as Square and PayPal buy it on behalf of customers. Bitcoin is within sight of its all-time peak

Just under $20,000 hit in December 2017, although it slumped as much as 13% on Thursday…

 

Sky could be the limit for bitcoin value, or maybe not

 

Bitcoin hits new all-time high after trading above $19,700 for the first time since 2017
Bitcoin hits new all-time high after trading above $19,700 for the first time since 2017