Cryptocurrencies
Bitcoin Rides to Year High on Back of Gold Rally, Dollar Slump
- Gains accelerate after technical resistance level breached
- Cryptocurrency had been hovering near 50-day moving average
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Bitcoin surged to the highest in almost a year as the slump in the dollar and rally in gold bolstered the notion that cryptocurrencies will emerge as a viable alternative to traditional monetary systems.
The largest digital token climbed as much as 15% to $10,944, the highest price since August. The rally accelerated after the coin breached $10,500, a level that it had failed to sustain gains after surpassing in June and February.