Bitcoin hit an almost three-year high on Friday, as investors continued to recover virtual currency hoping it may well surpass its all-time high of just under $ 20,000.
Bitcoin climbed to $ 18,766.79, the highest since December 2017, and was last up 4.9% to $ 18,696. It has gained 17% so far this week, the biggest weekly gain since June 2019, increasing over 160% so far this year.
“Today, bitcoin has come to a place where institutional investors, banks and family offices are legitimately considering their involvement as a defense against currency devaluation,” said Alex Mashinsky, CEO of Celsius Network, a crypto lending platform.
He added that in 2017, the bitcoin rally was led by retail investors who were the first to adopt.
“Since big players like LINE Corp and PayPal are involved in this operation, we can expect more stability than the 2017 bubble. It’s no longer a gold rush,” he said. he adds.
The bitcoin market now has a functioning derivatives market and custody services by established financial institutions. Big companies, including Fidelity Investments and Japan’s Nomura Holdings Inc, have started protecting bitcoin and other cryptocurrencies for institutional investors.
Other major cryptocurrencies including ethereum and XRP, which often move in tandem with bitcoin, rose 7.2% to $ 505.2 and 3% to 31 US cents, respectively.