Bitcoin breaches $1,800 for the first time on Thursday adding more than $100 in just two days. The rally in bitcoin has been driven by a number of factors such as positive noises from policymakers as well as the legalization of the cryptocurrency in Japan.
The price of the digital currency was trading at around $1,824 by early morning in London, according to Coindesk's bitcoin price index. It breached $1,700 for the first time on Tuesday.
Since Monday, the market capitalization of bitcoin has risen over $3 billion to $29.53 billion. The price of bitcoin has soared 81% since the start of the year.
Bitcoin surpassed $1,800 on Thursday to a fresh record high, rising more than $100 in just two days, driven by comments from policy makers and positive noises around the future of the cryptocurrency.
The price of the digital currency was trading at around $1,824 by early morning in London, according to Coindesk's bitcoin price index. It breached $1,700 for the first time on Tuesday.
Since Monday, the market capitalization of bitcoin has risen over $3 billion to $29.53 billion. The price of bitcoin has soared 81 percent since the start of the year.
The latest price driver was comments from Minneapolis Federal Reserve Bank President Neel Kashkari. The policymaker talked up the potential of blockchain – the technology that underpins bitcoin.
"I would say I think conventional wisdom now is that blockchain and the underlying technology is probably more interesting and has more potential than maybe bitcoin does by itself," Kashkari said at a technology conference, according to Reuters.
His comments are the latest in a growing number of officials that have supported bitcoin and blockchain technology, helping to bring it more into the mainstream.
Japan legalized the cryptocurrency as a payment method recently and this has led to a greater amount of bitcoin being bought with yen, which is helping to support the price.
At the same time, Russia, one of the strongest opponents of bitcoin is seeking to regulate the digital currency.
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