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Bitcoin rockets past $18,000. The all-time high is in sight

November 18, 2020. Summarized by summa-bot.

<<enter caption here>> on December 7, 2017 in London, England.

Bitcoin prices continue to skyrocket and the cryptocurrency is now within striking distance of its all-time high from December 2017.

New York (CNN Business)Bitcoin prices continue to skyrocket and the cryptocurrency is now within striking distance of its all-time high from December 2017.

Bitcoin briefly surged above $18,000 on Wednesday, having passed the $15,000, $16,000 and $17,000 milestones in the past few days.

The record high for bitcoin is just below $20,000.

The total value of all the bitcoins in circulation is now more than $300 billion -- also near an all-time high.

Bitcoin, like gold, has benefited from a weaker dollar.

Investors increasingly view bitcoin as a viable alternative to paper, government-backed currencies.

He noted that the devaluation of the dollar and other currencies could push bitcoin even higher.

Top investors like hedge fund managers Stanley Druckenmiller and Paul Tudor Jones have embraced bitcoin as an investment lately.

We're seeing adoption from major players," said Alex Adelman, CEO and co-founder of Lolli, a bitcoin rewards company, in an email to CNN Business.

Bitcoin bull Mike Novogratz, who runs crypto asset firm Galaxy Digital, told CNBC Wednesday that he thinks bitcoin prices could climb as high as $60,000 next year.

Still, bitcoin is not for the faint of heart.

McDonaugh said that some long-time bitcoin bulls, people known in the crytpo community as HODLers (which is either a misspelling of hold or acronym for "Hold On for Dear Life" depending on who you ask) may finally look to take some profits and sell if bitcoin passes the $20K milestone.

"Be warned. . . as we've seen so many times in the past, Bitcoin can surprise," McDonaugh said.

The big pop in bitcoin has also benefited several publicly traded companies that are players in the cryptocurrency world.

Shares of Riot Blockchain (RIOT), Marathon Patent Group (MARA) and Overstock (OSTK), the online retailer that owns blockchain investor Medici Ventures and cryptocurreency platform tZero, have all surged dramatically this month along with bitcoin.

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