The move follows a long sustained period of five-figure price action, in which BTC has spent about $ 10,000 in the last 12 weeks of business.
The spike was triggered by news that the global payments giant PayPal is rolling out support for bitcoin in addition to Ethereum (ETH), Litcoin (LTC) and Bitcoin Cash (BCH).
Matty Greenspan, founder of Quantum Economics, said the rally was almost entirely driven by PayPal.
“There is no doubt in my mind that this part of the news is almost entirely responsible for today’s extended profits.”
BTC is up 10% in the last 24 hours, while ETH is up 8%, BCH is up 9%, and LTC is up over 15% today.
While Ethereum has rallied with bitcoin, amid a decentralized finance boom in August, ETH has failed to maintain its strength in the low-to-mid $ 400s against bitcoin. Ether is currently testing resistance at $ 400.
In response to PayPal’s news, Alex Mashinski, CEO of the crypto lending platform Celsius, said:
“This is definitely a rapid signal for bitcoin and other cryptocurrencies. Crypto is all about trust, and PayPal has a lot of trust with its users […] If the UI / UX of the service is corrected, we will see that millions of new users will be added every month. “