After testing investor patience for three weeks, bitcoin surged past $20,000 to reach fresh all-time highs and is currently trading above $23,000.
Bitcoin is the number one cryptocurrency by market value. It jumped over the key psychological threshold during the early U.S. trading hours, surpassing the previous peak price of $19,920 recorded on Dec. 1.
Bitcoin’s value has doubled in the past three months and the institutional-led rally looks sustainable. Meanwhile, other prominent cryptocurrencies such as ether, litecoin and XRP are still down 58% to 88% from their respective all-time highs reached three years ago.