Bitcoin jumps, shy of all-time high of $20,000

Bitcoin hit $19,000 on Tuesday for the first time in nearly three years and was just shy of touching an all-time high of just less than $20,000.

The world’s most popular cryptocurrency has gained about 160 percent this year, fuelled by a demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

Bitcoin has gained more than 37 percent in November alone.

Analysts have said Bitcoin can rise during periods of uncertainty; the cryptocurrency has at times strongly gained during the coronavirus pandemic and amid the US election.