Bitcoin on fire, sets new record high, up 170% this year

LONDON/NEW YORK (Reuters) – Bitcoin soared to a record high against the dollar on Monday, as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors that saw the virtual currency as a safe-haven and a hedge against inflation. The digital unit touched an all-time peak of $19,864.15, breaking its prior record set nearly three years ago. Smaller coins ethereum and XRP, which often move in tandem with bitcoin, gained 5.6% and 6.6%, respectively. Christopher Bendiksen, head of research at CoinShares, also cited continued corporate and institutional interest as well as post-Thanksgiving retail demand for bitcoin’s renewed surge. Analysts say the bitcoin market has evolved since 2017, now boasting a functioning derivatives market and custody services by major financial firms.

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