After breaching the $1 000 mark earlier this year bitcoin seems to be set for a good 2017 as prices surged to $1 172 this week.
This is the highest price bitcoin has reached surpassing the high of $1 165.89 set in 2013.
In a report by Coindesk, the cryptocurrency started to exhibit gains early on Wednesday, reaching a high of $1 100 and remaining above that level since.
Taking a look at the bitcoin price on local bitcoin exchange Luno, the crypto-currency has been gaining worth quickly over the course of this week. On Monday the price was R14 624 for bitcoin, today that price sits at R16 103.
As bitcoin is not tied to any traditional financial markets it’s difficult to determine what exactly inspires these price surges.
One event that may be behind the price surge according to Reuters is the prospect that the United States Securities and Exchange Commission will approve the first bitcoin exchange traded fund.
A number of analysts and bitcoin commentators including Vinny Lingham have said that the bitcoin price could reach levels as high as $3 000 before the end of 2017.
With gains such as those we’ve seen recently, we find it rather difficult not to agree.
[Image – CC BY/2.0 BTC Keychain]
