Bitcoin price nears new all-time record

Advertisement

BEGIN ARTICLE PREVIEW:

The price of bitcoin has risen above $18,000 for the first time since December 2017, after surging nearly 10 per cent over the last 24 hours.The world’s most valuable cryptocurrency was trading below $5,000 in March but is now less than $2,000 away from the record high it reached three years ago.Bitcoin’s 2017 price gains were largely fuelled by a swell in consumer interest in cryptocurrency, with market charts closely matching online search interest.This time, the price appears to have been pushed up by institutional investors who are increasingly viewing cryptocurrencies as a safe haven asset like cash or gold. Stock market volatility brought about by the coronavirus pandemic and geopolitical uncertainty makes bitcoin an attractive prospect, given its supply is limited to 21 million.“The biggest driver of the current bitcoin price race is primarily institutional money,” said Eric Demith, co-founder of cryptocurrency firm Bitpanda.Read moreConsumer interest is slowly picking up again, according to Google Search trends, meaning this could be the beginning of another record-breaking price run.“We’re constantly seeing large numbers of daily signups from retail customers joining the crypto market for the first time,” Mr Demith said. “What we’re currently experiencing is a mentality shift where …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE