Bitcoin pierces $19,000 for first time since 2017

Prices are approaching an all-time high with many pointing to the wider acceptance of cryptocurrencies among traditional investors as the catalyst behind the surge.

Bitcoin surpassed $19,000 for the first time since 2017 as the mania over digital currencies continues to grip Wall Street.

A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture. (REUTERS)

Bitcoin climbed as high as $19,103 before paring the advance, trading up 2.2% to $18,817 as of 10:25 a.m. in London. Prices are approaching an all-time high with many pointing to the wider acceptance of cryptocurrencies among traditional investors as the catalyst behind the surge.

PayPal Holding Inc.’s October decision to allow customers to access cryptocurrencies led the coin to spike above $13,000 for the first time in over a year. And Fidelity Investments launched a Bitcoin fund over the summer.