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Bitcoin is approaching levels not seen immediately after the cryptocurrency market bubble burst nearly three years ago.
The largest digital token by market value rose 4.3% to $ 13,582 on Tuesday, just below the high of $ 13,851 set on June 26, 2019. If it breaks that level, it would be the highest since Bitcoin has was trading at $ 16,932 in January 2018, or a few weeks after the token reached an all-time high of around $ 20,000. It dropped to $ 3,136 in December 2018.
Crypto fans have cheered on a number of recent developments, from PayPal Holdings Inc. allowing customers to use digital coins to Fidelity Investments launching a Bitcoin fund and Square Inc. joining MicroStrategy Inc. saying they have invested in the coin. .
“There seems to be more excitement and cryptography will be used more often,” said Edward Moya, senior market analyst at Oanda Corp. “The world looks ready for a digital currency.”
In addition, central banks around the world have shown greater interest in creating digital money. Earlier this month, for example, the European Central Bank said it will start testing a digital version of the euro during a public consultation. The step was seen by many as an important step towards introducing the technology.
Bitcoin has grown nearly 30% this month and over 85% this year. The Bloomberg Galaxy Crypto Index, which tracks a handful of the largest cryptocurrencies, gained around 20% in October.
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