Bitcoin price surges past $900 mark for first time since December 2013

Utah Software Engineer Mints Physical Bitcoins
Bitcoin was the first and is still the best-known cryptocurrency (Source: Getty)

The Bitcoin price has been given a boost of Christmas cheer today after blasting through the $900 barrier after rising more than $100 in the last two days.

The price of a single Bitcoin has risen more than 14 per cent in the last three days and only surged past $800 on Wednesday.

Yesterday, its market capitalisation smashed through the $14bn (£11.3bn) barrier, equivalent to the average market cap of a FTSE 100 firm.

Read more: The price of bitcoin has hit highs not seen since 2014

Bitcoin was trading at $906.5 at midday, according to the Bitstamp exchange. The cryptocurrency has not reached this level since December 2013.

The majority of Bitcoin trades occur in China, meaning there is an inverse relationship between the value of Bitcoin and the Chinese yuan (which has fallen by nearly seven per cent this year).

Read more: Bitcoin will thrive under the certain uncertainty of a Trump presidency

Bitcoin prices have climbed more than 100 per cent since the start of the year. However, the price is still a way from the peak of more than $1,160 reached in late 2013.

Last week, the former boss of Barclays, Antony Jenkins, announced was joining the board of a Bitcoin startup.

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