Bitcoin rallies past $15,000 for first time since January 2018

Bitcoin’s month long rally is showing no sign of letting up, with the price of the digital token topping $15,000 for the first time since January 2018.

The cryptocurrency saw its value increase 9 percent Thursday, and is up more than $1,700 since the eve of the presidential election on Monday. The value of one bitcoin is up more than 30 percent since early October.

Fueling the rally has been volatility resulting from the election — which as of Thursday evening was still too close to call. Investors also hope that the finite limit on bitcoin — the currency’s network has a hard cap of 21 million coins — will help its value increase as governments around the world plan future stimulus for their covid-pummeled economies.

The world’s best-known cryptocurrency has seen its price climb in recent weeks after PayPal announced that it would allow its customers to buy and sell bitcoin on its platform.

JPMorgan analysts last month also said that the value of bitcoin could “double or triple” as it increasingly becomes a more attractive “alternative” currency to gold.

The news bolstered long-standing expectations that bitcoin and its rivals could become a more viable form of payment, a goal that has been elusive.

Bitcoin is no stranger to massive rallies. The currency became a household name in December 2017 when it hit an all-time high of nearly $20,000, but its bubble popped dramatically, and 12 months later was worth little more than $3,000.

It once again surged past $12,000 in mid-2019, before falling below $6,000 as the Covid-19 pandemic took hold of the world in March.

The coin’s value was up 8.7 percent Thursday evening, at $15,254.04 per bitcoin.

All countries
194,616,521
Total confirmed cases
Updated on July 25, 2021 3:21 pm
Italy
4,317,415
Total confirmed cases
Updated on July 25, 2021 3:21 pm
Spain
4,280,429
Total confirmed cases
Updated on July 25, 2021 3:21 pm
Iran
3,691,432
Total confirmed cases
Updated on July 25, 2021 3:21 pm
Germany
3,762,194
Total confirmed cases
Updated on July 25, 2021 3:21 pm

Latest Updates

Without Backpackers to Pick Them, Crops Rot by the Ton in Australia

SHEPPARTON, Australia — Peter Hall ran a hand over the Gala apples sitting in a wooden crate on his orchard in southeastern Australia, lamenting...

U.S. Will Have Enough COVID-19 Vaccines for All Adults by End of May, Biden Says

You have reached your limit of 4 free articles. Get unlimited access to TIME.com.99¢ for the first month Subscribe Now You have...

Biden Vows Enough Vaccine ‘for Every Adult American’ by End of May

But Johnson & Johnson and its partners fell behind in their manufacturing. The company was supposed to deliver its first 37 million doses by...

Popular Articles

Without Backpackers to Pick Them, Crops Rot by the Ton in Australia

SHEPPARTON, Australia — Peter Hall ran a hand over the Gala apples sitting in a wooden crate on his orchard in southeastern Australia, lamenting...

U.S. Will Have Enough COVID-19 Vaccines for All Adults by End of May, Biden Says

You have reached your limit of 4 free articles. Get unlimited access to TIME.com.99¢ for the first month Subscribe Now You have...

Biden Vows Enough Vaccine ‘for Every Adult American’ by End of May

But Johnson & Johnson and its partners fell behind in their manufacturing. The company was supposed to deliver its first 37 million doses by...

Twitch gamer Sodapoppin quits fake GTA jobs because they’re too hard

Sometimes being a fake fast-food restaurant manager can be as taxing as being a real one. This is especially true when you also have pretend...

Sarkozy says could take corruption appeal to European human rights court

France's former president Nicolas Sarkozy said Tuesday that he might consider taking his appeal against a corruption conviction to the European Court of...

Where Biden’s Foreign Policy Is Taking the U.S.

One day before the administration announced its decision on Saudi Arabia, Biden gave the first major indication of his presidency that he would be...

Interviews