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Bitcoin surges to all-time record as 2020 rally powers on

Bitcoin soared to a record high against the dollar on Monday, as its 2020 rally steamed ahead.

The digital unit touched an all-time peak of $19,864.15, breaking its prior record set nearly three years ago.

Bitcoin overall has gained more than 170% this year, fueled by a demand for riskier assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

Bitcoin's 12-year history has been peppered with steep gains and equally sharp drops. Compared to traditional assets, its market is highly opaque.

But analysts say the bitcoin market has evolved since 2017, now boasting a functioning derivatives market and custody services by major financial firms.