Bitcoin (BTC) surged above $ 13,000 for the first time since July and only for the third time since the bulls all-time high in late 2017.
The move follows the long-running phase of five-digit price movements where BTC has spent almost all of its time trading over $ 10,000 for the past 12 weeks.
The surge was triggered by news that global payment giant PayPal supports Bitcoin alongside Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Mati Greenspan, founder of Quantum Economics, said the rally was driven almost entirely by PayPal.
“I have no doubt that this news is almost entirely responsible for today’s expanded profits.”
BTC is up 10% in the past 24 hours, while ETH is up 8%, BCH is up 9%, and LTC is up more than 15% today.
While Ethereum has rallied alongside Bitcoin, ETH has not been able to hold its strength against Bitcoin since it rose to the middle of the $ 400 mark in August due to the decentralized financial boom. Ether is currently testing the resistance at $ 400.
In response to the news from PayPal, Alex Mashinsky, CEO of crypto-lending platform Celsius said:
“This is definitely a bullish sign for Bitcoin and other cryptocurrencies. Crypto is all about trust, and PayPal has a very high level of trust among its users […] If the service’s UI is run properly, it will add millions of new users every month. “