Bitcoin Drives Digital Currency to Record High

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The Bitcoin digital currency rally just keeps going. Thursday’s action has run Bitcoin above $2,500, $2,600, and $2,700 for the first time. Bitcoin’s value set a new record as it crossed the $2,500 level, meaning it has more than doubled this year.

The digital currency rose 10% yesterday to its record high of $2,537.16, according to CNBC.

In five days, Bitcoin rose to just over 40% and has gone up 88% so far this month. On April 30, the currency was valued at $1,348.65.

It hit a high of $2,749 before paring its gains. Currently, the cryptocurrency trades up 11.2%, or $270, at $2,682 a coin. It has gained in 27 of the past 30 sessions and has tacked on more than 130% over that time.

Bitcoin has climbed about 20% since Tuesday’s close, propelled by news that the Digital Currency Group, representing 56 companies in 21 countries, reached a scaling agreement at the Consensus 2017 conference in New York.

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Bitcoin has consistently been breaking its own records over the last week, and saw its seventh anniversary for the first recorded Bitcoin transaction. The recent Bitcoin surge is also tied to Japan and China treating the currency with more legitimacy. At the start of April, Japan introduced rules that presented Bitcoin as an actual currency. The value of Bitcoin has seen a steady increase since then.

The announcement was the latest bit of good news for the cryptocurrency. In early April, Japan announced bitcoin had become a legal payment method in the country. Additionally, Ulmart, Russia’s largest online retailer, said it would begin accepting bitcoin even though Russia had said it wouldn’t explore the cryptocurrency until 2018.

However, the market is still waiting on a ruling by the US Securities and Exchange Commission on whether or not it will overturn its decision on the Winklevoss twins’ bitcoin exchange-traded fund . The SEC was accepting public comment on that decision until May 15, but it hasn’t announced whether it will overturn its rejection of the ETF.

Bitcoin has gained more than 180% this year.

Source: Businessinsider

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