Bitcoin got the new year off to a scorching start as investors continued to pile on bets that the digital currencys price will keep rising.<\/p>\n
The price of bitcoin rose as much as 19% over the weekend, trading as high as $34,452 on Sunday, according to CoinDesk. It finished 2020 at $28,966, more than quadrupling on the year.<\/p>\n
Bitcoin has been on an extended rally since early September, part of the everything rally that has fueled gains in stocks, emerging markets and other assets.<\/p>\n
In many respects, what has happened in the first few days of 2021 resembled a stock market short squeeze, said AvaTrade analyst Naeem Aslam. He was referring to the cascade of buying that can happen when investors respond to a price jump by buying back stock they have sold in an effort to keep their losses from mounting.<\/p>\n
It wasnt just bitcoin that took a wild ride. The price of ether, the second-largest cryptocurrency, rose as much as 35% over the three-day weekend, trading above $1,000 for the first time since early 2018. Ether eased by 1% on Monday, closing at $998.<\/p>\n
<\/p>\n
Continue reading here: Bitcoin got the new year off to a scorching start as investors continued to pile on bets that the digital currencys price will keep rising. The price of bitcoin rose as much as 19% over the weekend, trading as high as $34,452 on Sunday, according to CoinDesk Continue reading
\nBitcoin Surges Into 2021, Rose Nearly 20% Over Weekend - The Wall Street Journal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"