Bitcoin is inching closer to the $19,000 mark as the recession scare subsides and investors start to look for alternative investments. The world’s largest cryptocurrency has gained more than 5 percent in the past 24 hours, bringing its total market capitalization to over $350 billion. The rally was largely driven by the news that PayPal will allow its customers to buy, sell, and hold cryptocurrencies on its platform.
The news of PayPal’s entry into the crypto space has helped investors regain confidence in the industry and has led to a surge in demand for Bitcoin. The news has also helped to fuel the bullish sentiment in the market, as more institutional investors are now considering Bitcoin as a viable investment option.
With the market in a more positive state, Bitcoin is likely to continue its upward trend in the coming days. If it breaks past the $19,000 mark, it could make a run for the $20,000 mark, which would be a new all-time high for the cryptocurrency.