Bitcoin Soars Over 5%, Hovers Near $18,200 Mark Amid Broad Rally

Cryptocurrency Bitcoin jumped by more than $850 – or 5 per cent – to touch the $18,238.20 mark on Sunday, inching towards an all-time high of $19,666 registered this week. Recent gains in the virtual currency are part of a broader bull run that began last month after US-based online payments company PayPal allowed its customers to use Bitcoin on its network. It was last seen trading higher by over $800 to $18,173.70 on November 29, 2020. 

Most other cryptocurrencies followed suit. Among major peers, Ethereum (ETH) traded 5.11 per cent higher at $556.16, XRP was up 6.83 per cent at $0.62688 and Cardano (ADA) up 0.24 per cent at $0.169106.

Bitcoin has surged exponentially since entering a four-digit value for the first time in 2013. It has rallied more than 130 so far this year, fueled by demand for riskier assets.

The cryptocurrency’s perceived quality as a hedge against inflation and expectations of mainstream acceptance lured institutional and retail demand.

Comments

Popular posts from this blog

Elon Musk's "Use Signal" Post Spurred Massive Rally For The Wrong One

EzyStayz Kicks Off Its First Exchange Listing With Foblgate

Royal Enfield announces foray into Argentina market