bitcoin cryptocurrency
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  • Bitcoin hit record highs on Monday, surging above $19,800 to smash its December 2017 peak.
  • The world's most popular cryptocurrency traded at $19,843 as of 10:21 a.m ET, bringing the gain for the year to 186%.
  • "The Bitcoin correction didn't last long, with the cryptocurrency having sights set on new highs once again," a senior market analyst at OANDA said.
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Bitcoin set a new all-time high on Monday, trading above $19,700 for the first time in three years.

The digital token was trading up 8% at $19,843 on Monday afternoon, exceeding a previous record of $19,783 set in December 2017.

"The Bitcoin correction didn't last long, with the cryptocurrency having sights set on new highs once again, with $20,000 the ultimate goal in the short-term," said Craig Erlam, a senior market analyst at OANDA. "A move into uncharted territory and the psychological boost that would come with a move like this could propel Bitcoin aggressively higher."

READ | Financial watchdog proposes big shake-up for crypto in SA

Meanwhile the rand has weakened more than a percent, wiping out the past week's gains to trade at R15.42/$.

The dollar is on track to to lose more than 6% of its value this month – its biggest monthly fall in four years.

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