The cryptocurrency extends the bull run, jumps 10% to hit the $ 18,450 mark

Bitcoin has grown 150% against the US dollar so far this year

Bitcoin price Latest news: Bitcoin virtual currency rose more than 10% to $ 18,450 on Wednesday, prolonging a bull run that began last month after US-based online payment company PayPal allowed its customers to use cryptocurrency on its network. Bitcoin was last seen trading at $ 17,979.0, up $ 1233.9 – or 7.37% – from its previous close of $ 16,745.1. 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, having first hit the $ 1,000 mark in 2013.

Bitcoin fluctuated in a range of over $ 1,800 from $ 16,633-18,450 on Wednesday, a day after rising to its highest since December 2017 as the perceived quality of the cryptocurrency as a hedge against inflation and mainstream acceptance expectations attracted institutional and retail demand.

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 .

Bitcoin has grown 150% against the US dollar so far this year, after recovering 360% from its March lows due to the coronavirus pandemic.

Major central banks around the world are considering whether to allow the issuance of digital currencies.

A bitcoin, similar to any other real-world currency, is the equivalent of cash, but in electronic form. In other words, you can’t hold a bitcoin, unlike currencies like dollars or rupees.

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.

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.

Other major cryptocurrencies, such as Ethereum and XRP, have also increased based on the appreciation of Bitcoin.