Bitcoin hits $19,000 for first time in three years; all-time high in sight

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Bitcoins are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/Illustration - RC19EC5CA1C0

Bitcoin hit $19,000 on Tuesday for the first time in nearly three years, homing in on its all-time high of just under $20,000.

The world’s most popular cryptocurrency was last up 3.2% at $18,958. Bitcoin has gained nearly 40% in November alone and is up around 160% this year.

Fuelling its gains have been demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

Graphic: Bitcoin breaks $19,000

Reuters Graphic