Bitcoin climbed above topped $17,000 early Tuesday for the first time since January 2018, pushing this year’s remarkable rally to 137% on a year-to-date basis. That’s 10 times more than the Standard & Poor’s 500 Index of large U.S. stocks.
“Bears are in disbelief,” the digital-asset market analysis firm Arcane Research wrote early Tuesday in a report, noting that the cryptocurrency is on track to post its sixth straight weekly gain. “It seems like there is nothing stopping bitcoin at the moment.”
In traditional markets, European shares slid and U.S. stock futures pointed to a lower open as investors worried that the potentially economic scarring from a resurgence in the coronavirus. Gold weakened 0.1% to $1,888 an ounce.
Look no further than the rapid growth this year in the white-hot arena of decentralized finance, or DeFi, and it’s clear why the Ethereum