Bitcoin, the flagship cryptocurrency, has hit a new yearly high of $16,000 at 18:09 UTC on the Gemini exchange. It is currently up more than four percent over the past 24 hours.

This is the first time that the top cryptocurrency has touched the aforementioned level since Jan. 8, 2018.  

Bitcoin has already surged nearly 15 percent in November after a record-shattering October monthly close.      

It is trading in the green together with the S&P 500 following a sharp correction on Nov. 7. Meanwhile, spot gold is down nearly 0.80 percent. 

As reported by U.Today, Bitcoin is currently more correlated to stocks than the lustrous metal, showing its risk-on side.   

The crypto king has been on a tear since PayPal allowed crypto spending on Oct. 21, soaring close to 35 percent since the news broke.