Bitcoin hits new record, set for biggest monthly gain since 2019

Bitcoin, the world’s largest cryptocurrency, is on track to close out a banner year with another bang.

The digital asset surged above $28,000 Wednesday to a record high, adding to its 47 per cent rally so far in December, according to data compiled by Bloomberg. Bitcoin rose as much as 6.2 per cent to $28,572.10 in Asia trading and is on track for its biggest monthly gain since May 2019.

Bitcoin has almost quadrupled in value this year amid the global coronavirus pandemic, while the wider Bloomberg Galaxy Crypto Index tracking the largest digital currencies is up about 270 per cent as rival coins such as Ether have also rallied.