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Inside money, markets, and Big Tech

This article was published on October 21, 2020

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

Call this the PayPal bump

Bitcoin rally sends world’s top cryptocurrency ahead of gold and silver
David Canellis
Story by

David Canellis

David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat. David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat.

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 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.

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