Bitcoin gains 7.8%, breaches $34,000-mark as rally extends into new year

Bitcoin, the world’s largest cryptocurrency, topped $34,000, just weeks after passing another major milestone.

The currency gained as much as 7.8 per cent to $34,182.75, before slipping to about $33,970 as of 3:05 p.m. on Sunday in Singapore. It advanced almost 50 per cent in December, when it breached $20,000 for the first time.

The latest gains top an eye-popping rally for the controversial digital asset in 2020, which rebounded sharply after a severe crash in March that saw it lose 25 per cent amid the coronavirus pandemic.

The currency “will be on the road to $50,000 probably in the first quarter of