By Tom Wilson and Gertrude Chavez-Dreyfuss
LONDON/NEW YORK (Reuters) – Bitcoin on Tuesday soared to its highest level since December 2017 as the asset’s perceived quality as a hedge against inflation and expectations of mainstream acceptance lured institutional and retail demand.
The largest cryptocurrency <BTC=BTSP> in terms of market capitalization climbed to $17,868, its highest level since Dec. 20, 2017, and was last up 6.1% at $17,760. It hit just shy of $20,000 in mid-December, 2017, during a buying frenzy driven by retail investors.
Bitcoin has climbed roughly 150% this year and rallied about 360% from its March lows.
“Driven by a mix of market structure and strong fundamentals, bitcoin could now be within days of reaching its all-time high,” Nicholas Pelecanos, head of trading at NEM, said.
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