Bitcoin Price Hits Three-Year High And Nears All-time Record

The price of bitcoin has risen above $19,000 for the first time in nearly three years.

The cryptocurrency is now less than $1,000 away from hitting its all-time high, having traded below $5,000 as recently as March.

Analysts have attributed bitcoin’s recent price surge to increased institutional investment, which has been spurred on my economic and geo-political uncertainty brought about by the coronavirus pandemic.

Other major cryptocurrencies, including ethereum (ether), Ripple (XRP) and bitcoin cash also experienced significant market movements on Tuesday, with all three rising by between 5 and 35 per cent over the last 24 hours.

A recently leaked report from a senior analyst at Citibank described bitcoin as “21st Century Gold” and suggested that current market trends could push its price towards $300,000 next year.

Bitcoin’s notorious volatility will likely mean that if more gains are to come, then there will likely also follow a heavy crash.

“The whole existence of bitcoin has been characterised by unthinkable rallies followed by painful corrections (the type of pattern that sustains a long term trend),” the report stated.

“This [latest surge] could potentially peak in December 2021… Suggesting a move as high as $318,000.”

(CoinMarketCap)