Bitcoin was last trading at above USD 24,000, its highest ever value tag resulting from a 1.31-percent increase during Sunday, trading data shows. On Binance, the world's most popular cryptocurrency gained 1.59 percentage points of value, trading at USD 24,248. Bitcoin accounts for approximately 65.6 percent of the world cryptocurrency market.
On Monday, on the back of increasing interest from both retail and institutional investors, the bitcoin trade again scaled to a fresh high of USD 24000 mark, before paring some gains. Earlier on December 17, the digital token moved past levels of USD 23000 for the first time. So far this year, the largest cryptocurrency has gained over 233 percent, primarily driven by a surge in demand from large investors who are lured to its potential for quick gains. Also, another factor fuelling the rally in the crypto has been increasing expectations that it will become a mainstream payment method.
Amid stimulus measures by global central banks to tackle Covid-19 led economic fall-out, investors see cryptocurrency as a hedge against the risk of inflation.
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