Bitcoin hits a new peak above US$18,000

Earlier this month, when I was thinking about the chance to see Bitcoin reach US$20,000 before December's arrival, I was almost sure that isn't a realistic expectation. After all, this March it went all the way below US$5,000 and it struggled around US$10,000 for most of the year. However, Bitcoin has managed to break through the US$18,000 barrier earlier today.

Right now, Bitcoin's updated value says US$18,059.61, but the peak that was reached this morning sits at US$18,453.87. Just one day ago, the world's most popular cryptocurrency was trading for slightly less than US$17,000. Many analysts believe that the ongoing pandemic and the economic crisis it generated have managed to change the investor outlook and this spells good news for other digital currencies as well. In recent months, cryptocurrencies such as Ethereum, Litecoin, and XRP went through noticeable trips uphill.

Another thing that is interesting to note now is that gold is not following the trend. The precious metal has dropped from its all-time high of US$2,072 per ounce, reached in August, to less than US$1,900. On the other hand, Bitcoin owes much of its recent growth to PayPal's support. The digital payments service has recently revealed that its network would soon open up to Bitcoin and other cryptocurrencies.