Bitcoin is flying past $1,800 as positive sentiment continues to ramp up

Courtney Goldsmith
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Bitcoin dropped below $1,000 just two months ago (Source: Getty)

Bitcoin surged past $1,800 today to reach a new all-time high as the cryptocurrency racks up more positive sentiment.

The digital currency's price was up 4.28 per cent, or $75.20, to $1,832.01 at the time of publishing, according to CoinDesk.

Bitcoin's price has rocketed over the past month - it only surpassed $1,700 on Tuesday. As recently as the end of March, the price was below $1,000 as investors feared the currency's underlying foundation threatened to crumble because of a so-called "hard fork".

However, sentiment for the digital currency has been on the mend.

Late on Tuesday, Reuters reported the Minneapolis Federal Reserve Bank president Neel Kashkari spoke about the potential of blockchain technology, the tech behind the cryptocurrency.

He said: "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."

Not to mention last month Japan decided to allow bitcoin as a legal method of payment, which was a huge vote of confidence for the currency's potential for mainstream adoption.

The US Securities and Exchange Commission (SEC) is also set to review its decision to block the listing of the first bitcoin exchange-traded fund (ETF) in the country. The SEC previously vetoed the ETF over fraud concerns and a lack of regulation.

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