Bitcoin smashes $2,900 barrier to hit record high
Bitcoin’s rocketing rise in value shows no sign of abating after breaking the $2,900 mark Tuesday.
The digital payment reached a value of $2,967.48 at around 1.20pm UTC Tuesday, according to the Coindesk Bitcoin Price Index. The pricing is a record high for the cryptocurrency which has been hit with periods of volatility.
The latest Bitcoin Price Index is 2,903.42 USD https://t.co/lzUu2wyPQNpic.twitter.com/eoykYLBlCf
— CoinDesk (@coindesk) June 6, 2017
Bitcoin experienced an unprecedented surge in worth recently after trading for the first time above $1,500 back in May.
The spike has been linked to the legalisation of digital currencies in Asia in recent weeks. However, some financial observers suggest the hike is down to increasing confidence in the alternative currency.
Bitcoin +200% in 2017. this ride isn't just Japan anymore: USD back as majority currency. it's a hedge/safe haven. https://t.co/eoQUmjtVddpic.twitter.com/cXxhgHNpRI
— Daniel Roberts (@readDanwrite) June 6, 2017
#bitcoin hike:@CNBC says it's Japan: https://t.co/uvK7DsX5R4@McClatchyDC says China, Japan: https://t.co/VSnb57HrLg
— Daniel Roberts (@readDanwrite) June 6, 2017
it isn't 1 thing. pic.twitter.com/eJzc0ZF0XH
“The biggest driver [of bitcoin] right now is you’re starting to see institutional investors take a keen interest in the entire sector,” financial commentator, Brian Kelly, said last month. “I don’t think this is hot money. This is real money that’s going to sit around and build the new internet.”
READ MORE: $100 in bitcoin in 2010 now worth almost $73 million
Bitcoin rival, ethereum, an open source platform providing ‘ether’ cryptocurrency, also received a boost this month.
The currency, which went live in 2015, reached an all-time high in value of $250.41 on Sunday.
