Bitcoin explodes above $18,000, taking its market capitalization to an all-time high — and it's even exciting Hollywood | Currency News | Financial and Business News | Markets Insider

The price of the digital token surged 2.5% to $18,147 around 6:15 a.m. ET, and its price is up about 154% year-to-date. Bitcoin recorded its highest price ever in December 2017, hitting $19,783.

The currency's latest surge began in October after PayPal announced it would allow its users to buy, sell, and hold the token. Crypto bulls said it was only a matter of time before other major firms adopt its use. The frenzy even led to"Game of Thrones" starbefore getting to $65,000 because of a"network effect" in which there were a ton of new buyers and low supply."So YES, buy it," he said.

Many analysts, including Erlam, expect the price to top $20,000, with some expecting even higher levels.

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