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,”
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 $19,783 set in Dec 17.
“A move into uncharted territory and the psychological boost that would come with a move like this could propel Bitcoin aggressively higher.”
Meanwhile the rand has weakened more than a percent, wiping out the past week’s gains to trade at R15.42/$.
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