Bitcoin rose to a nearly three-year high on Friday as investors continued to scoop cryptocurrencies.
Bitcoin surged to $ 18,766.79, the highest since December 2017, up 4.9% to $ 18,696. This week has increased by 17% so far, the largest weekly increase since June 2019, and this year has increased by more than 160% so far.
“Today, Bitcoin has reached a point where institutional investors, banks, and family offices are legally considering their involvement as a defense against currency devaluations,” said the CEO of cryptocurrency lending platform Celsius Network. Alex Machineski, CEO, said.
He added that the rise in Bitcoin in 2017 was led by individual investors who were early adopters.
“We can expect more stability than the 2017 bubble because big players like LINE Corp and PayPal are involved in this. It’s no longer a gold rush,” he added.
The Bitcoin market now boasts a functional derivatives market and custody services by established financial institutions. Large companies such as Fidelity Investments and Nomura Holdings of Japan have begun protecting Bitcoin and other cryptocurrencies for institutional investors.
Other major cryptocurrencies, such as Ethereum and XRP, which often move in conjunction with Bitcoin, rose 7.2% to $ 505.2 and 3% to US cents, respectively.
Bitcoin has reached its peak of three years and is approaching the highest ever
Source link Bitcoin has reached its peak of three years and is approaching the highest ever