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Bitcoin Rises Past $27,000 to New Peak

·1 min read

By Noreen Burke

Investing.com -- Bitcoin rose to a record high against the dollar on Sunday, as its 2020 rally continues, boosted by increased demand from larger investors.

The world’s largest cryptocurrency hit a high of $27,734 on the Bitfinex exchange. It was last up 10.3% at $27,616.

Bitcoin has been boosted by surging demand from both institutional and retail investors attracted by the potential for rapid gains and its perceived resistance to inflation.

With bitcoin’s supply capped at 21 million, investors see in the cryptocurrency a hedge against the risk of inflation amid unprecedented amounts of financial stimulus from governments and central banks in response to the coronavirus pandemic.

The 2020 rally has also been driven by expectations that cryptocurrencies would win mainstream acceptance. Digital currencies remain less regulated than most traditional financial assets and are still not widely used as a payment method.

Bitcoin’s volatile 12-year history has been marked by steep gains followed by equally sharp drops.

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