Bitcoin rose to a three-year high on Monday.
After reaching $18729 at one point, the most popular cryptocurrency was trading at $18609 at the time of writing of this article.
After opening at $18,120, BTC rose by 2.52 percent in the last 24 hours.
From $12928 recorded a month ago, Bitcoin gained around 40 percent.
This is also the highest price of the year, traded at major cyrptocurrency trading platforms, that is more than 160 percent of its value at the beginning of this year.
The virtual coin has gained $2,431 over the last seven days – its biggest weekly gain since June last year.
On Monday, Bitcoin had a market capitalization of $344 billion, hitting one of the highest ever recorded.
The Bitcoin rally in the past six weeks is being attributed to a liquidity crunch afflicting bitcoin mining pools in China, triggered by a Government crackdown that reportedly prevents miners from selling their BTC holdings.
However, another section of analysts point to institutional investor interest as the reason for the BTC rally.
Bitcoin had recorded its highest price ever in December 2017 at nearly $20000.
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