The price of the leading cryptocurrency climbed above the $19,000 mark for the first time since 2017. Bitcoin’s price rose as high as US$19,103 before paring the advance, trading up 2.2 per cent to US$18,817 as of 10:25 a.m. in London. Crypto prices are approaching an all-time high, with many pointing to the wider acceptance of digital currencies among traditional investors as the catalyst behind the surge.
Bitcoin’s price approaches its all-time-high.
At the time of writing, the price of the leading cryptocurrency, bitcoin, is just above $19,000. Bitcoin’s price reached its all-time-high on January 1, 2017, when the price rose above $19,700. Currently, Bitcoin’s price is expected to surpass its all-time-high record in the short-term. Earlier this year, Bitcoin reached as low as $4,000 when the global pandemic hit. Since then, the leading cryptocurrency has made a massive recovery as it approaches its all-time high. The adoption of cryptocurrency has also increased noticeably this year amid the ongoing global pandemic.
The payment giant PayPal enters the crypto market.
The payment giant PayPal Holding Inc.’s October decision to allow customers to access cryptocurrencies led the BTC to spike above US$13,000 for the first time in over a year. As reported earlier, the online payment processor giant PayPal announced this month that all “eligible PayPal account holders in the United States can now buy, hold, and sell cryptocurrency directly with PayPal.” The original statement’s update reads that account holders can interact with cryptocurrencies from their PayPal application or through their desktop accounts. However, the crypto community remains split in its opinion-whether this is good for Bitcoin in the long run. There are also several other factors involved in the recent surge in the price of Bitcoin.