Bitcoin Hits Nearly Three-Year Peak, Homes in on Record

Bitcoin on Tuesday soared to its highest level since December 2017 as the asset's perceived quality as a hedge against inflation and expectations of mainstream acceptance lured institutional and retail demand.

The largest cryptocurrency in terms of market capitalisation climbed to $17,868, its highest level since December 20, 2017, and was last up 6.1 percent at $17,760. It hit just shy of $20,000 in mid-December, 2017, during a buying frenzy driven by retail investors.

Bitcoin has climbed roughly 150 percent this year and rallied about 360 percent from its March lows.

"Driven by a mix of market structure and strong fundamentals, bitcoin could now be within days of reaching its all-time high," Nicholas Pelecanos, head of trading at NEM, said.

"Underlying this bullish price action is the inflation hedge narrative that has captured Wall Street since the immense money printing campaigns undertaken by the Fed earlier this year," he added.

November 18, 2020