Bitcoin blows past $2,000, $2,100, and $2,200 for the first time

pulse

May 22, 2017 11:54 AM

The cryptocurrency is up by about 125% in 2017.

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Bitcoin is seemingly unstoppable right now.

The cryptocurrency topped $2,000, $2,100, and $2,200 for the first time on Sunday night/Monday morning. It's now trading up by $184.36, or 9.1%, at $2,208.94 a coin.

Monday's advance has been fueled by further weakness in the US dollar and news that Peach has become Japan's first airline to accept the cryptocurrency, Bloomberg says.

Bitcoin has gained in 24 of the past 27 sessions, and it is up by 87% over that time. According to CoinMarketCap.com, bitcoin now has a market cap of nearly $35.9 billion.

The rally has seemingly been sparked by news out of Japan at the beginning of April that bitcoin had become a legal payment method in the country. Along the way, Ulmart, Russia's largest online retailer, said it would begin accepting bitcoin even though Russia had said it wouldn't explore the cryptocurrency until 2018.

The gains also seem to be boosted by speculation the US Securities and Exchange Commission could overturn its ruling on the Winklevoss twins' bitcoin exchange-traded fund. The SEC was accepting public comment on its decision until May 15, but it hasn't announced whether it will overturn its rejection of the ETF.

Bitcoin has gained 130% this year. Except for 2014, it has been the top-performing currency every year since 2010.

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