Bitcoin rallied to another year-to-date high three days in a row, this time passing above $18,000 in a rally that has pushed its price up by 160 percent already in 2020.
The benchmark cryptocurrency hit $18,488 during the Asian trading session on Wednesday, a level it last touched in January 2018 when the price was correcting lower after topping out near $20,000 a month before. Many traders agreed that the current bull run might retest the record high all over again as demand for Bitcoin grows against its limited supply.
Billionaire investor Michael Novogratz even extended his upside target to $65,000, citing “network effect.”
— Mike Novogratz (@novogratz) November 16, 2020