Bitcoin climbs to three-year peak, all-time high in focus
Bitcoin rose to a nearly three-year high on Friday as investors continued to take out the virtual currency with the expectation that it could surpass its all-time high of just under $ 20,000.
Bitcoin It rose to $ 18,766.79 (approximately Rs. 13.9 lakhs), the highest since December 2017, and was up 4.9 percent to $ 18,696 (approximately Rs. 13.86 lakhs). It has gained 17 percent so far this week, the biggest weekly gain since June 2019, up more than 160 percent so far this year.
“Today, bitcoin has reached a point where institutional investors, banks and family offices are legitimately considering participation as a defense against currency devaluation,” said Alex Mashinsky, CEO of the Celsius Network, a platform for crypto loans.
He added that in 2017, the rally in bitcoin was led by retail investors who were early adopters.
“Because great players, like LINE and PayPal are involved in this round, we can expect more stability than the 2017 bubble. This is no longer a gold rush, “he added.
The bitcoin market now has a functioning derivatives market and custody services by established financial institutions. Large companies, including Japan’s Fidelity Investments and Nomura Holdings, have started protecting bitcoins and other crypto currencies for institutional investors.
Other major crypto currencies, including Ethereum and XRP, which often move in tandem with bitcoin, were up 7.2 percent to $ 505.2 and three percent to 31 cents, respectively.