In a week when the Dow Jones Industrial Average set record highs and the S&P 500 Index came close to doing the same, bitcoin prices also rallied.
The digital currency reached a high of $20,000 on some exchanges on Tuesday, October 17th.
This represents an increase in value of over 1500% since January 1st 2017.
Analysts are attributing the rise in stock markets to optimism about President Donald Trump’s proposed tax cuts, while cautioning that the cryptocurrency is highly volatile and could experience a sharp correction at any time.
Despite this volatility, many investors remain bullish on bitcoin and its potential to supplant gold as a global store of value.