Bitcoin hits new all-time high above $69,000; multiple factors drive gains
Bitcoin has continued its fine performance in November by setting a new all-time high above $69,000 despite dipping below the $66,000 level earlier on Wednesday.
The leading cryptocurrency has added more than $3,000 to its value today and hit a new all-time high at $69,044.77.
Other coins also rose, with the Bloomberg Galaxy Crypto Index — which tracks major cryptos — gaining as much as 2.4 per cent to its highest level since May.
The rise in the token can, at least partly, be explained through the fundamental argument — which has gained traction in recent months — that Bitcoin can act as an inflation hedge.
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