Virtual currency’s gains this year have accelerated recently, bringing its year-to-date rise to more than 1,500%

Bitcoin mania reached new highs Thursday as the price of the digital currency jumped about 40% in 40 hours, smashing through five separate $1,000-barriers and surging past $16,000. At one point Thursday, the price briefly jumped above $19,000 on some exchanges, before quickly retreating. At 5 p.m. in New York, bitcoin was trading at $16,109, up 17% for the day, before it bounced above $17,000 again in evening trading. Even for bitcoin, which is notoriously volatile, the upward lurch was jarring, astounding outsiders and thrilling those who have piled into the digital currency in recent weeks. The rally has been sparked by the collision of bitcoin’s sudden faddish reputation and the anticipation of institutional investors entering the market for the currency for the first time.

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