Bitcoin (BTC) traded above $17,000 Tuesday at 12:00 UTC for the first time since Jan. 7, 2018, according to the CoinDesk 20 price index.
The rise pushes the leading cryptocurrency’s total market capitalization to over $315 billion, just short of its $335 billion record.
Since its yearly lows below $4,000 in March, when prices crashed over 50% in a single day, BTC has rebounded by more than 330%. Since Jan. 1, the leading cryptocurrency has gained 130%.
BTC’s “spectacular surge” in 2020 largely mirrors its 2017 trajectory, Ben Zhou, co-founder and CEO of derivatives exchange Bybit, told CoinDesk in an email. One key difference this time, however, is the “infusion of institutional money.”
With Monday’s rally, BTC is now trading roughly 15% below its all-time high of almost $20,000 set in December 2017.
Alternate cryptocurrencies (altcoins) are following in bitcoin’s wake. Leading altcoin ether (ETH) is trading at $465 at last check, up