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Bitcoin price hits $18,000, the highest level since 2017

2020-11-18 20:00 by


The world's top cryptocurrency, bitcoin, rallied above $18,000 on Wednesday for the first time in almost three years. Analysts attributed the surge to global events and bullish fundamentals in crypto.

Some experts wonder if bitcoin will have trouble moving much higher from here given how explosive the current rally has been. The $20,000 level could be a "psychological barrier," said George McDonaugh, managing director and co-founder of cryptocurrency and blockchain investment firm KR1, in an e-mail to CNN Business.

But there's no guarantee that the latest boom will be sustained. For example, in the spring of 2019, bitcoin seemed to be in the midst of a robust recovery, rising from $3,200 in late 2018 to $14,000 in June 2019. But then that rally fizzled out, and bitcoin crashed back down to $4,000.

And for all the hype, bitcoin remains seldom used for its intended purpose.

"There is no guarantee that it will be used widely as 'money' given the cost of mining and using bitcoins and the ease of using contactless payment cards or smartphones to facilitate electronic payment," said Russ Mould, investment director at AJ Bell.

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