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Bitcoin has grown 153% against the US dollar so far this year
Bitcoin price Latest news: Cryptocurrency Bitcoin climbed more than 3% to hit $ 18,393 on Friday, extending recent gains to a fifth consecutive day. The recent gains in the virtual currency are part of a broader bull run that began last month after US-based online payments company PayPal allowed its customers to use the cryptocurrency on its network. Bitcoin has grown exponentially since it first entered a four-digit value in 2013.
Here are 10 things to know:
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Bitcoin appreciated up to $ 589.10 – or 3.31% – on Friday to $ 18,392.6 per dollar, after opening slightly stronger at $ 17,805.5 than its previous close of $ 17,803.5. It was last seen trading up 1.13% to $ 18,206.40.
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Other major cryptocurrencies have also increased taking a cue from Bitcoin. Among competitors, Ethereum (ETH) was trading 5.90% higher at $ 505.82, while Tether was up 0.12%, XRP by 4.19%, Chainlink by 2.82% and Litecoin ( LTC) of 3.55%.
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Bitcoin extended its current upside in recent sessions, having climbed to a nearly three-year high of $ 17,868 on Tuesday.
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The perceived quality of cryptocurrency as a hedge against inflation and mainstream acceptance expectations have attracted institutional and retail demand.
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Bitcoin’s 2020 rally has drawn impetus from strong appetite for riskier assets following unprecedented government and central bank stimulus measures to combat the impact of the COVID-19 pandemic and its reputation for being inflation-proof .
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As of Friday’s intraday high, Bitcoin has grown 153% against the US dollar so far this year. While highly volatile and still not recognized as legal by many central banks, Bitcoin has attracted the attention of many investors for its exponential returns.
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Major central banks around the world are considering whether to allow the issuance of digital currencies.
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A bitcoin, similar to any other real-world currency, is the equivalent of cash, but in electronic form.
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Like a banknote or coin, it gives its holder a direct right to the central bank, bypassing commercial banks and offering a greater level of security as a central bank can never run out of the currency it issues.
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While many analysts see Bitcoin as a possible hedge against inflation, others are still skeptical of its acceptance as a substitute for the real currency.
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