<p>Bitcoin rose to a nearly three-year high on Friday, as investors continued to scoop the virtual currency on expectations it could well exceed its all-time peak of just under $20,000.</p>.<p>Bitcoin surged to $18,766.79, the highest since December 2017, and was last up 4.9% at $18,696. It has gained 17% so far this week, the largest weekly gain since June 2019, climbing more than 160% so far this year.</p>.<p>"Today bitcoin has gotten to a place where institutional investors, banks, and family offices are legitimately pondering involvement as a defence against currency devaluation," said Alex Mashinsky, chief executive officer at Celsius Network, a crypto lending platform.</p>.<p>He added that in 2017, the rally in bitcoin was led by retail investors who were early adopters.</p>.<p>"Because large players, like LINE Corp and PayPal are involved this go around, we can expect more stability than the 2017 bubble. This isn’t a gold rush anymore," he added.</p>.<p>The bitcoin market now boasts a functioning derivatives market and custody services by established financial institutions. Large firms including Fidelity Investments and Japan's Nomura Holdings Inc have started safeguarding bitcoins and other cryptocurrencies for institutional investors.</p>.<p>Other major cryptocurrencies, including ethereum and XRP, which often move in tandem with bitcoin, rose 7.2% to $505.2, and 3% to 31 US cents, respectively.</p>
<p>Bitcoin rose to a nearly three-year high on Friday, as investors continued to scoop the virtual currency on expectations it could well exceed its all-time peak of just under $20,000.</p>.<p>Bitcoin surged to $18,766.79, the highest since December 2017, and was last up 4.9% at $18,696. It has gained 17% so far this week, the largest weekly gain since June 2019, climbing more than 160% so far this year.</p>.<p>"Today bitcoin has gotten to a place where institutional investors, banks, and family offices are legitimately pondering involvement as a defence against currency devaluation," said Alex Mashinsky, chief executive officer at Celsius Network, a crypto lending platform.</p>.<p>He added that in 2017, the rally in bitcoin was led by retail investors who were early adopters.</p>.<p>"Because large players, like LINE Corp and PayPal are involved this go around, we can expect more stability than the 2017 bubble. This isn’t a gold rush anymore," he added.</p>.<p>The bitcoin market now boasts a functioning derivatives market and custody services by established financial institutions. Large firms including Fidelity Investments and Japan's Nomura Holdings Inc have started safeguarding bitcoins and other cryptocurrencies for institutional investors.</p>.<p>Other major cryptocurrencies, including ethereum and XRP, which often move in tandem with bitcoin, rose 7.2% to $505.2, and 3% to 31 US cents, respectively.</p>