Bitcoin breaks above $ 16,000 for the primary time since January 2018

A visual representation of Bitcoin with US dollars.

studioEAST | Getty Images

Bitcoin briefly climbed above the $ 16,000 mark on Thursday, reaching a level that has not been seen since early January 2018.

The price of the cryptocurrency rose to $ 16,019 shortly after 5 a.m., according to industry site CoinDesk. It last traded more than 1% higher at around $ 15,800.

According to CoinDesk data, the last time Bitcoin crossed the $ 16,000 level was January 8, 2018. The reason for the surge on Thursday wasn't immediately clear, but it seems some companies are warming to crypto.

Last month, fintech giant PayPal announced it was adding new features that would allow users to trade Bitcoin, Ether, Bitcoin cash, and Litecoin. The company also plans to enable customers to use crypto to shop with its network of 26 million retailers by early 2021.

Meanwhile, Square said last month that it bought $ 50 million worth of Bitcoin. The US fintech company, led by Twitter CEO Jack Dorsey, has long been offering crypto services to users of its popular cash app.

Bitcoin, the most famous and valuable cryptocurrency in the world, has more than doubled this year. This is a wild climb, reminiscent of the Monster rally in late 2017, which broke the $ 20,000 mark.

Some crypto fans say this is due to the unprecedented wave of incentives from governments and central banks around the world aimed at dealing with the coronavirus crisis. Such measures devalue the fiat currencies and make Bitcoin an attractive alternative.

Comments are closed.