The largest as well as the most popular cryptocurrency Bitcoin has now broke $18000 levels, last seen in December 2017. The latest leg of rally in the digital currency is partly attributed to its perceived quality of being an inflation hedge and partly on hopes of it gaining mainstream acceptance.
Earlier analysts and experts thought the sudden spurt in bitcoin prices reached last week to be linked to the outcome of the US Presidential elections. In the last three trading sessions alone, the token has gained 17% while the year to date return has been a staggering 160 percent. On Kitco.com which provides the latest Bitcoin price in US Dollars using an average from the world's leading exchanges, the bitcoin last quoted at $17800.
Now even as the coronavirus led mayhem resulted in a huge 25% crash in Bitcoin in March, it has more than doubled since December and its all time high levels of just under $20000 are close in sight.