Bitcoin (BTC) has surpassed $ 13,000 for the first time since July, and only for the third time since an ever bull rally in late 2017.

This move follows a long period of five-digit price movement as BTC has traded above $ 10,000 in the last 12 weeks.

The reason for the rally was the news that the global payment giant PayPal is launching support for Bitcoin, as well as Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Matty Greenspan, founder of Quantum Economics, said the growth was almost entirely driven by PayPal.

“I have no doubt that this news is almost solely responsible for today’s expanded profits.”
BTC has increased by 10% in the last 24 hours, ETH has increased by 8%, BCH has increased by 9%, and LTC is up by over 15% today.

While Ethereum grew alongside Bitcoin, ETH failed to maintain its strength against Bitcoin, falling to $ 400 in August amid a boom in decentralized financing. Ether is currently testing the resistance level at $ 400.

In response to PayPal news, Alex Mashinsky, CEO of Celsius, a cryptocurrency lending platform, said:

“This is definitely an optimistic sign for bitcoin and other cryptocurrencies. Crypto depends on trust and PayPal has a very high level of trust from users […] If the user interface / UX of the service is properly implemented, we will see that millions of new users join every month. “

Source: CoinTelegraph