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Bitcoin set a fresh all-time high on Thursday, after rising almost 6per cent to US$22,584 by 0806 GMT, just a day after smashing the US$20,000 milestone for the first time.
FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. REUTERS/Dado Ruvic/Illustration
LONDON: Bitcoin set a fresh all-time high on Thursday, after rising 6.5per cent to US$22,765 by 0833 GMT, just a day after smashing the US$20,000 milestone for the first time.
The world’s highest profile crypto-currency has gained more than 175per cent this year, buoyed by demand from larger investors attracted to its potential for quick gains and perceived inflation-hedging qualities.
Smaller coin ethereum which often moves in tandem with bitcoin, was trading 1.75per cent higher.
The recent bitcoin rally has been driven in part by increasing expectations it will soon become a mainstream payment method, after shedding a poor public image for opacity among yield-hungry investors and risk-averse consumers.
Yang Li, Chief Growth Officer at digital foreign exchange platform Ziglu said modern personal money apps were at the forefront of ensuring easy, safe, fast access to cryptocurrency.
“Wider adoption will grow the value of bitcoin even more, this is just the start,” Li said.
(Reporting By Sinead Cruise, editing by Rachel Armstrong)
