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Bitcoin Rallies Above $29,000, Extending 2020 Gains

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The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from retail and institutional investors.

The world’s most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67 percent at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on Dec. 16.

Bitcoin’s potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities.

Recent gains have taken bitcoin’s market capitalization past $536 billion, according to industry website CoinMarketCap coinmarketcap.com.

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