The largest cryptocurrency Bitcoin on August 17, 2020 rose to its highest level in over a year, extending its 2020 run. Since March, the digital currency has more than trebled in price.
On Monday, bitcoin with gains of 4.4 per cent scaled to a price of $12,424, its highest since July 2019. So far this year, bitcoin with gains of more than 70 per cent has been one of the best performing asset class.
Low interest rates as well as large scale bond buying programmes by global central banks has pushed the demand for bitcoin which is viewed as a hedge against inflation by investors on account of its limited supply.