© Reuters. FILE PHOTO: Representations of the virtual currency Bitcoin are placed on US dollar banknotes
LONDON (Reuters) – set a new all-time high on Thursday after rising 6.5% to $ 22,765 by 0833 GMT, just a day after it first crossed the $ 20,000 milestone.
The world’s best-known cryptocurrency is up more than 175% this year, driven by demand from larger investors drawn by its potential for quick gains and perceived inflation-hedging qualities.
The smaller coin ethereum, which often moves in tandem with Bitcoin, traded 1.75% higher.
The recent Bitcoin rally has been driven in part by rising expectations that it will soon become a popular payment method after losing a poor public image for opacity among yield-hungry investors and risk-averse consumers.
Yang Li, chief growth officer of the digital forex platform Ziglu, said modern personal money apps are leading the way in ensuring easy, secure and fast access to cryptocurrency.
“Broader adoption will add even more value to Bitcoin. This is just the beginning,” Li said.
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