Bitcoin smashed through $20,000 for the first time on Wednesday, making a new milestone for the world’s largest and most well-known cryptocurrency.
The cryptocurrency jumped 4.5 percent to move as high as $20,440.
Bitcoin has experienced a powerful rally this year. It has soared more than 170 percent, driven largely by demand from big, institutional investors attracted by its potential for quick gains at a time when interest rates are near zero, as well as the cryptocurrency’s march towards becoming a mainstream method of payment.
Bitcoin received a major boost in October after PayPal Holdings, Inc announced the launch of a new service that allows its customers to buy, hold and sell cryptocurrencies directly from their PayPal account.
The company also said it is planning to make cryptocurrencies available as a funding source for purchases at its 26 million merchants worldwide.
Sources: Ajazeera
