Bitcoin soared more than seven per cent on Friday was trading above USD$15,000 (AUD$20,000) — its highest level in nearly three years — as mainstream interest in the cryptocurrency builds and the US dollar weakens.
The value of one bitcoin has more than doubled in 2020.The gains have been particularly dramatic in the past few weeks, with bitcoin rising 40 per cent since early October.
If bitcoin continues to surge, it may not be long before the cryptocurrency finally tops the all-time high of just under $20,000, reached in December 2017.
In addition to the dollar weakening, bitcoin has benefited from more mainstream companies like PayPal and Square embracing cryptocurrencies as a viable payment option and investments.
“Nothing is stopping it from going to the 2017 high,” said Bill Noble, chief technical analyst with research firm Token Metrics, in an email to CNN Business.
“Everybody is afraid to miss out, and that drives the price.”
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Source: Bitcoin surges above USD$15,000 and is closing in on record | 7NEWS.com.au
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