Bitcoin hits $19,000 for first time in three years, all-time excessive in sight

© Reuters. A representation of virtual currency Bitcoin

By Saikat Chatterjee

LONDON (Reuters) – hit $19,000 on Tuesday for the first time in nearly three years, homing in on its all-time high of just under $20,000.

The world’s most popular cryptocurrency was last up 3.2% at $18,958. Bitcoin has gained nearly 40% in November alone and is up around 160% this year.

Fuelling its gains have been 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.

Graphic: Bitcoin breaks $19,000 https://fingfx.thomsonreuters.com/gfx/mkt/xlbpgzyrkvq/bitcoin.JPG

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