ADVERTISEMENT

Bitcoin blows past $2,000, $2,100, and $2,200 for the first time

The cryptocurrency is up by about 125% in 2017.

null

Bitcoin is seemingly unstoppable right now.

ADVERTISEMENT

The cryptocurrency topped $2,000, $2,100, and $2,200 for the first time on Sunday night/Monday morning. It's now trading up by $184.36, or 9.1%, at $2,208.94 a coin.

Monday's advance has been fueled by further weakness in the US dollar and news that Peach has become Japan's first airline to accept the cryptocurrency, Bloomberg says.

Bitcoin has gained in 24 of the past 27 sessions, and it is up by 87% over that time. According to CoinMarketCap.com, bitcoin now has a market cap of nearly $35.9 billion.

ADVERTISEMENT

The rally has seemingly been sparked by news out of Japan at the beginning of April that bitcoin had become a legal payment method in the country. Along the way, Ulmart, Russia's largest online retailer, said it would begin accepting bitcoin even though Russia had said it wouldn't explore the cryptocurrency until 2018.

The gains also seem to be boosted by speculation the US Securities and Exchange Commission could overturn its ruling on the Winklevoss twins' bitcoin exchange-traded fund. The SEC was accepting public comment on its decision until May 15, but it hasn't announced whether it will overturn its rejection of the ETF.

Bitcoin has gained 130% this year. Except for 2014, it has been the top-performing currency every year since 2010.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

US troop withdrawal from Niger hangs in the balance

US troop withdrawal from Niger hangs in the balance

Detained Binance executives sue Nigerian authorities for human right violation

Detained Binance executives sue Nigerian authorities for human right violation

Nigeria's central bank increases minimum capital base for banks

Nigeria's central bank increases minimum capital base for banks

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Exploring the popularity of progressive jackpot slots in Indonesia

Exploring the popularity of progressive jackpot slots in Indonesia

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

ADVERTISEMENT