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Renewed investor interest, huge gains push Bitcoin to fresh all-time peak

The recent bitcoin rally has been driven in part by increasing expectations it will soon become a mainstream payment method

bitcoin, crypto currency
Representational image.
Reuters London
1 min read Last Updated : Dec 17 2020 | 2:42 PM IST

Bitcoin set a fresh all-time high on Thursday, after rising 6.5% to $22,765 by 0833 GMT, just a day after smashing the $20,000 milestone for the first time.

The world's highest profile crypto-currency has gained more than 175% this year, buoyed by demand from larger investors attracted to its potential for quick gains and perceived inflation-hedging qualities.

Smaller coin ethereum which often moves in tandem with bitcoin, was trading 1.75% higher.

The recent bitcoin rally has been driven in part by increasing expectations it will soon become a mainstream payment method, after shedding a poor public image for opacity among yield-hungry investors and risk-averse consumers.

Yang Li, Chief Growth Officer at digital foreign exchange platform Ziglu said modern personal money apps were at the forefront of ensuring easy, safe, fast access to cryptocurrency.

"Wider adoption will grow the value of bitcoin even more, this is just the start," Li said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :BitcoinBitcoin surges to all time highcryptocurrency

First Published: Dec 17 2020 | 2:14 PM IST

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