Bitcoin broke through $18,000 on Wednesday, Nov. 18, to hit its highest since December 2017 extending its blistering 2020 rally driven by demand for its perceived quality as an inflation hedge and expectations of mainstream acceptance.
"Retail investors and more importantly, institutions and corporations want a currency that gives them purchasing power to protect them in case paper currencies fall," said Bill Noble, chief technical analyst at investment research platform Token Metrics.
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"Central banks have to print more and more money to help the world survive the virus and social disorder."
The original and biggest cryptocurrency jumped as high as $18,483 and was last up 2%. It has soared about 160% this year and has jumped 17% in the last three days alone.
