Bitcoin breaks $17,000 barrier as 2020 rally powers on

Bitcoin passed $17,000 on Tuesday to touch its highest level this year, with investors ascribing the gains to demand for its perceived inflation-resistant qualities and expectations of wider mainstream acceptance.

The original and biggest cryptocurrency climbed 3.6% to $17,325, its highest level since Jan. 2018 – just after the peak of its 2017 bubble.

Bitcoin has soared over 130% this year and is up more than four-fold from its March lows.

Its all-time high is $19,666, scaled in Dec. 2017 on the back of retail investor-fuelled buying frenzy.

Other major cryptocurrencies including ethereum and XRP, which often move in tandem with bitcoin, climbed between 2%-4%.