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Correction: This article has been updated to show that Bitcoin's price has hit $13,00 for the first time since 2019, not 2018. (2020 only seems as if it's been extra long.)
A day after breaking the $12,000 barrier, Bitcoin was briefly valued today above $13,000, according to data from CoinMarketCap, before dropping back below the mark.
It’s the first time Bitcoin has reached the $13,000 threshold since 2019. The price is now up over 7% in the last 24 hours and over 12% across the last seven days.
If one had to identify a proximate cause for the price movement, they's surely point to the news that PayPal is ready to introduce Bitcoin buying options.
That makes sense, as the digital payments company will also allow users to purchase Ethereum, Litecoin, and Bitcoin Cash, all of which are up significantly today as well (even compared to other cryptocurrencies, which are generally in the green for the day).
The price of Ethereum and Bitcoin Cash have both risen by around 6% in the last 24 hours; Ether flirted with the $400 mark, while Bitcoin Cash rose above $260. Litecoin, meanwhile, has risen over 14% to above $5o.
All three were trending slightly down for the week, until springing up at the news today. Bitcoin, however, had been on a different trajectory throughout the week and month. It passed $11,000 October 9, then hit $12,000 yesterday. And then $13,000 today.
Its rise halted suddenly as it neared $13,200, correcting back to around $12,860. Ethereum, Bitcoin Cash, and Litecoin all saw sudden corrections as well.