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Bitcoin rally sends world’s top cryptocurrency ahead of gold and silver

Call this the PayPal bump

Bitcoin‘s price (BTC) jumped 8% on Thursday to almost break $13,000, its highest point since July last year.

The rally comes hours after PayPal revealed it would soon support buying, selling, and holding BTC, Ethereum, Litecoin, and Bitcoin BTC Cash.

Today’s Bitcoin’s price peak means the world’s most popular cryptocurrency has now eclipsed gold and silver to become the best performing of the three “commodities” over the past year.

[Read: PayPal to support Bitcoin and other crypto — but merchants must use fiat]

BTC is today up 55% since October 21, 2019, while silver and gold are respectively up 40% and 27% over the same period.

Bitcoin, price
Bitcoin price data courtesy of Investing.com

While breaking $13,000 would be considered a novel milestone among crypto insiders, it’s not quite the biggest rally in the past year.

According to Investing.com’s price data, an 8% rise would be BTC’s 20th largest single day increase since October 21, 2019.

Published October 21, 2020 — 18:30 UTC