Bitcoin breaks above $19,000 and approaches record highs

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Bitcoin soared above $19,000 on Tuesday for the first time in nearly three years, bringing the cryptocurrency within spitting distance of its 2017 record.

Bitcoin jumped above $19,000 on Tuesday for the first time since 2017 as Wall Street and Main Street rekindled their interest in cryptocurrencies and extended the digital token’s rally.

The world’s most popular cryptocurrency surged as much as 3.3% through the early morning to an intraday high of $19,272.21. The gains bring bitcoin just a hair below the all-time high of $19,783 reached in December 2017.

Cryptocurrencies have garnered new attention in recent weeks as companies and traditional investors accept their uses. Square bought $50 million worth of bitcoin in October, saying it sees potential for the token to become “a more ubiquitous currency.” Soon after, PayPal announced it would soon let its users buy and sell cryptocurrencies. The news pushed bitcoin above $13,000 and sparked speculation around whether the coin’s latest rally had the legs to bring it to new highs.

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The Tuesday surge also lifted other popular cryptocurrencies. Ethereum gained as much as 4.3%, to $622.73. XRP spiked 54.7%, to $0.79, at intraday highs.

Bitcoin traded at $19,235.79at 8:25 a.m. ET Tuesday, up 166% year-to-date.

Source: Business Insider Africa

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