Bitcoin price rises more than two per cent to above £370 following recent rally

 
Francesca Washtell
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The price of a single bitcoin edged over £370 today (Source: Getty)

The bitcoin price has continued its recent rally to rise another two per cent today.

The price of a single bitcoin reached a high of £374.04 ($546.85) in trading today, up more than 2.6 per cent, and was trading at £371.94 by 1pm (GMT), according to Coindesk.

Prices have risen by around 20 per cent since 28 May, following a surge in demand out of China.

Read more: Bitcoin will become the sixth largest global reserve currency by 2030

In April, the bitcoin price had a modest rally to around £315, after staying in a narrow, stable range of between £280 and £295 for two months.

Yesterday, Australia announced it will sell off £7.5m worth of bitcoin it confiscated as "proceeds of crime" in 2015, in the first auction of its kind outside the US.

Big four accountancy firm EY has been recruited to handle the sale of the 24,518 bitcoins on 20 June.

Read more: Craig Wright won't prove he's Bitcoin creator Satoshi Nakamoto

Earlier this year, investment bank and asset managing firm Needham & Company said bitcoin has been undervalued by about £135, and should have a trading price of around £450.

The cryptocurrency was the world's best-performing currency in 2015, beating out the US dollar by nearly 40 per cent. Bloomberg dubbed it the "comeback of the year", after it was 2014's worst-performing currency when it lost 57 per cent of its value against the dollar.

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