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Reuters / Lucas Jackson
- Bitcoin surged above $ 19,000 on Tuesday for the first time in nearly three years, bringing the cryptocurrency within spitting distance of its 2017 record.
- The price of bitcoin jumped as much as 3.3%, to $ 19,272.21, during the morning.
- The criptovalute have collected new interest both from Wall Street to Main Street in recent weeks, as companies and investors take the traditional digital token.
- The rally raised other popular cryptocurrencies including Ethereum and XRP.
- Watch live bitcoin trading here.
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 rally.
The world’s most popular cryptocurrency rose 3.3% in the early morning, hitting an intraday high of $ 19,272.21. The earnings 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 traditional businesses and investors accept their uses. Square bought bitcoins worth $ 50 million in October, saying it sees the potential for the token to become a “ubiquitous currency.” Soon after, PayPal announced that it would soon allow its users to buy and sell cryptocurrencies. The news pushed the bitcoin over $ 13,000 and sparked speculation that the last rally of the coin had the legs to bring it to new highs.
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Some of the biggest names on Wall Street also supported the rally. Rick Rieder, chief investment officer at BlackRock, said Friday that bitcoin is “here to stay” because of the interest of the Millennial for digital payments. Stanley Druckenmiller said on November 9 that he was “warmed by the fact that bitcoin could be an asset class that has a lot of appeal”.
Others are skeptical that the current run will not repeat the boom and bust seen in 2017. Ray Dalio said on Nov. 17 that “something may be missing on bitcoin,” adding that its volatility diminishes its use as a reserve of wealth and medium of exchange.
Although the bitcoin maintains its high value, can not replace the currencies of the central bank because governments probably will ban the token “and will make it too dangerous to use,” Dalio tweeted.
The wave on Tuesday also raised other popular cryptocurrencies. Ethereum gained as much as 4.3%, to $ 622.73. XRP was up 54.7%, to $ 0.79, to an intraday high.
Bitcoin was trading at $ 19,235.79 at 8:25 am ET on Tuesday, up 166% year to date.
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