Bitcoin prices have surged about 90 percent so far this year, returning to near three-year highs

November 2 news, according tomedia reports, the price of bitcoin has soared by about 90% so far this year, returning to nearly three-year highs. Bitcoin has been trading at $13,848 in recent days. That was the highest level since January 2018. Bitcoin is currently trading at about $13,687.7, with a market capitalisation of about $253.5 billion, according to Coinmarketcap, a digital currency industry website.

Bitcoin prices have surged about 90 percent so far this year, returning to near three-year highs

Bitcoin price (image from cryptocurrency industry website Coinmarketcap)

Media said many investors believed the renewed surge in interest in bitcoin was linked to the digital currency’s potential as an inflation hedge.

Last month, pay platform PayPal also announced the launch of its own digital currency service, which allows people to buy, hold and sell digital currency on its websites and apps. Digital currencies are more mainstream.

Bitcoin is a cryptocurrency that uses blockchain as a payment system. Founded in 2009 by Zhongben Cong on the basis of a borderless equivalent network, with consensus initiative open source software invention, through encrypted digital signature, without any third-party credit institutions, can solve the electronic currency overpayment, transaction security and other issues. The supply of Bitcoin is limited to 21 million, a figure expected to reach about 2140.

The smallest unit of Bitcoin is “Cong”, which is named after the rumored Bitcoin developer Ben Cong. One is equivalent to one hundred millionth of a bitcoin.

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