TechFlow news reported that as of 4 p.m. GMT on the 17th—early this morning in Beijing time—the world's largest cryptocurrency by market capitalization, Bitcoin, surged past $17,000 to reach $17,534, marking a new high for the year and its highest level since December 2017. Since the beginning of the fourth quarter, Bitcoin has entered a new bullish phase, rising nearly 70% in less than 50 days. Analysts note that compared to 2017, Bitcoin’s network infrastructure, development environment, and investment ecosystem have vastly improved. While the rally in 2017 was primarily driven by retail investors, the recent surge in the second half of this year has been fueled by institutional capital.
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