Bitcoin breaks $2,900 to hit a new record high

Courtney Goldsmith
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Bitcoin Conference Held In New York City
Bitcoin is on the run - next stop: $3,000? (Source: Getty)

The price of bitcoin jumped to a new record high today, surpassing $2,900 to reach a peak of $2,911.86.

The cryptocurrency was priced at $2,900.99 at the time of publishing, up more than six per cent from the day's open, according to CoinDesk data.

Bitcoin prices have risen from below $2,500 at the start of June, and just less than three months ago in March they were down under $1,000.

The catalyst for the bitcoin boom continues to be growth in Asian markets.

"The growth over the last 24 hours is predominantly being driven by Korea, China, and Japan. Over the last three days the Chinese exchanges have been gradually building up their volumes and leverage and, whilst Japanese buyers had been timid after the pullback on 25 May, last night, Japanese traders started to come back to the table," said Mati Greenspan, senior market analyst at eToro.

The total market cap for all digital currencies in circulation has now passed $100bn for the first time ever, representing more than 500 per cent growth since the beginning of the year, Greenspan said.

"Whilst gains in recent months have been significant, this is really a bet on the future of money and the internet," Greenspan said.

When asked whether the currency's growth could be sustained, Greenspan said: "It will be a bumpy road before we get there, but if buyers are right and bitcoin is the future of money...we can expect to see these numbers rising faster than they are already."

Read more: Bitcoin: It's just been made blinkin' easy for Brits to invest in

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