The price of bitcoin has pushed past $1,700

Courtney Goldsmith
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Bitcoin continues its May gains (Source: Getty)

Bitcoin stormed ahead today to top $1,700 after other emerging cryptocurrency exchanges were hit by cyber attacks.

The cryptocurrency was up nearly $69, or 4.2 per cent, from its last closing price at $1,708.14 per coin in afternoon trading, according to CoinDesk data.

The currency's price has swelled more than 275 per cent this year, notching up much of that growth in recent weeks as it rose from less than $1,000 in March.

Read more: Bitcoin prices jump as Japan makes the cryptocurrency legal

A couple of major exchanges for emerging cryptocurrencies were hit by cyber attacks recently, causing eight out of ten of the top valued digital currencies to drop in price, and investors are getting spooked. But that's been good news for the more established bitcoin, said Mati Greenspan, senior market analyst at eToro.

"In this context, it's no surprise to see a flight to safer cryptocurrency assets and that means bitcoin, which has emerged as a relative safe haven of cryptocurrencies. Bitcoin is a more established asset, and traders are betting is doesn't face the same cyber threats that some of the emerging cryptocurrencies are vulnerable to."

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