Bitcoin breaks US$18,000 as rally powers on, all-time high in sight

[LONDON] Bitcoin on Wednesday broke through US$18,000 to hit a new year-to-date peak as its blistering 2020 rally, driven by demand for its perceived quality as an inflation hedge and expectations of mainstream acceptance, powered on.

The original and biggest cryptocurrency was last up 3 per cent at US$18,175, its highest since Dec 2017. It has gained over 160 per cent this year, and has jumped 17 per cent in the last three days alone.

Bitcoin is now close to its all-time high of just under US$20,000, which it touched at the peak of its retail investor-fuelled 2017 bubble.

The emerging asset's 12-year history has been peppered with vertiginous price rises and equally sharp crashes.

REUTERS