Bitcoin passes $18,000 for the first time since 2017

Bitcoin’s market value now stands at $337.2bn, higher than the $331.8bn it reached in December 2017

Bitcoin has risen past $18,000 for the first time since December 2017, extending a good run for the cryptocurrency this year. It was trading about 8.6 per cent higher on the morning of Wednesday, November 18, at $18,172, breaking a level it hasn’t hit since December 20, 2017.

The popular cryptocurrency has risen more than 150 per cent this year due to unprecedented monetary and fiscal stimulus in response to the Covid-19 crisis.

It is now leaning towards the all-time high of $19,783 which it posted in a late 2017 rally that saw the value of several cryptocurrencies surge.

After hitting that peak, Bitcoin plunged dramatically to a low of $3,122 the next year.

But many crypto fans say that will not happen again this time, with them cheering on big moves in the industry from the likes of Fidelity Investments, Square and PayPal.

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PayPal recently started letting its users buy, hold and sell virtual currencies and is set to facilitate shopping with crypto early next year.

Bitcoin’s market value now stands at $337.2bn, higher than the $331.8bn it reached in December 2017.

FURTHER READING: Bitcoin breaks $17,000

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