Bitcoin hit $19,000 on Tuesday for the first time in nearly three years, homing in on its all-time high of just under $20,000.

The world's most popular cryptocurrency was last up 3.2 per cent at $18,958. Bitcoin has gained nearly 40 per cent in November alone and is up around 160 per cent this year.

Fuelling its gains have been demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.