Bitcoin Surpasses $17000 Levels, Last Hit Almost 3 Years Ago

The largest cryptocurrency Bitcoin has been gaining traction of late and after climbing above $16000 levels on Thursday has yet again rose in Tuesday's session in New York trading to scale $17000 mark.

Bitcoin Surpasses $17000 Levels, Last Hit Almost 3 Years Ago

On a year to date basis, the digital currency has more than doubled in value. The reason for recent upward move in the crypto is not immediately known, however experts view it to have a link with the outcome of the U.S. presidential election.

"The US Election helped push BTC over the 14K resistance, both sides want more stimulus which is positive for equities which BTC has been correlating closely with throughout the year," Nicholas Pelecanos, head of trading at crypto exchange NEM, told CNBC.

The lifetime high of bitcoin was made in December 2017 of nearly $20000, which in a span of 1 year tumbled to a low of $3136.

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