Bitcoin climbs to a three-year high, close to a record high

Bitcoin rose to a nearly three-year high last Friday, and investors continue to scoop up virtual currencies, expecting that it is likely to exceed its peak of close to $20,000.

Bitcoin soared to US$18,766.79, the highest point since December 2017, and finally rose 4.9% to US$18,696. It has risen by 17% so far this week, the biggest weekly gain since June 2019, and it has risen by more than 160% this year.

Alex, CEO of S celsius Network, a crypto lending platform? Alex Mashinsky said: "Today, Bitcoin has reached a place where institutional investors, banks and family offices are reasonably considering participation to prevent currency devaluation.

He added that in 2017, Bitcoin's rise was by retail investors who adopted early.

"Since large companies like LINE Corp and PayPal are involved, we can expect more stability than the 2017 bubble. This is not a gold rush anymore," he added.

The Bitcoin market now has a functional derivatives market and custody services by established financial institutions. Large companies including Fidelity Investments and Japan’s Nomura Holdings have begun to protect Bitcoin and other cryptocurrencies for institutional investors.

Other major cryptocurrencies, including Ethereum and XRP, tend to move in sync with Bitcoin, rising 7.2% to 505.2 USD and 3% to 31 cents, respectively.