Bitcoin hits record high of $19,808 after sharp decline last week

Bitcoin hit a record high on Monday of $19,864, breaking its prior record set in Dec. 2017 as its 2020 rally powered on.

The world’s biggest virtual currency was last up 7.3% at $19,524.

Bitcoin has gained more than 170% this year, fuelled by a demand for riskier assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

Smaller coins ethereum and XRP, which often move in tandem with bitcoin, gained 3.2% and 6.7% respectively.

Bitcoin’s 12-year history has been peppered with vertiginous gains and equally sharp drops. Compared to traditional assets, its market is highly opaque.