Cryptocurrency Bitcoin jumped by more than $850 – or 5 per cent – to touch the $18,238.20 mark on Sunday, inching towards an all-time high of $19,666 registered this week. 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 Bitcoin on its network. It was last seen trading higher by over $800 to $18,173.70 on November 29, 2020.
Most other cryptocurrencies followed suit. Among major peers, Ethereum (ETH) traded 5.11 per cent higher at $556.16, XRP was up 6.83 per cent at $0.62688 and Cardano (ADA) up 0.24 per cent at $0.169106.
Bitcoin has surged exponentially since entering a four-digit value for the first time in 2013. It has rallied more than 130 so far this year, fueled by demand for riskier assets.
The cryptocurrency’s perceived quality as a hedge against inflation and expectations of mainstream acceptance lured institutional and retail demand.