The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike
It has advanced almost 50 per cent in December, on track for its biggest monthly gain since May 2019.
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game
It has surged by nearly half since breaking $20,000 for the first time on Dec. 16
The currency's rise points to a growing acceptance of crypto as an asset class of its own, according to experts
The cryptocurrency rallied 224 per cent this year, bringing to mind the wild advances of 2017 as it soared to record highs
Elon Musk asked about the possibility of converting "large transactions" of Tesla's balance sheet into bitcoin, according to a Twitter exchange between him and an advocate for the digital currency
Early Thursday stock gains included Marathon Patent Group's rise of as much as 20 per cent, lifting shares to the highest since March 2018
The digital coin jumped more than 9 per cent on Thursday, touching a high of $23,256.92, according to a composite of prices compiled by Bloomberg
Listen to the podcast to know about the massive rally in Bitcoin's price and does it stand a chance to replace gold as an investment bet?
The recent bitcoin rally has been driven in part by increasing expectations it will soon become a mainstream payment method
The world's largest cryptocurrency rose as much as 3.8% to $20,154 on Wednesday
Here are the top headlines for Wednesday morning
Many exploring options of accepting crypto currencies as collateral
The new service from Fidelity comes after Bitcoin beat its 2017 highest price earlier this month before retreating in recent days
Institutional investors in the developed world have climbed on to the bitcoin bandwagon. Many large hedge funds and mutual funds now bet on it
The S&P DJI-branded products will use data from New York-based virtual currency company Lukka on more than 550 of the top traded coins, the companies said
Bitcoin's tumble last week, the biggest since March, after a 150% run-up this year underscores the famous volatility of the asset class that has kept mainstream investors at bay
The digital currency is a trading ground for a motley crew of retail players, speculative pros and exotic quants, while traditional investors have hitherto stayed on the sidelines.
Smaller coins ethereum and XRP, which often move in tandem with bitcoin, fell 7.3% and 8.8%, respectively.