Bitcoin boom: The cryptocurrency has rocketed past the $3,000 milestone

Courtney Goldsmith
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Bitcoin and other cryptocurrencies continue to make gains (Source: Getty)

The cryptocurrency fever is still running hot as bitcoin surged past the $3,000 milestone yesterday evening.

The digital currency reached an all-time high of around $3,040 before dropping back down slightly. This morning, bitcoin is trading down 0.58 per cent at $3,001.11, according to CoinDesk data.

The price of the most talked-about cryptocurrency has grown more than 300 per cent this year, mostly spurred on by mainstream adoption in Asia.

The currency is gaining more recognition in the UK as well. Earlier this month, Hargreaves Lansdown, one of Britain's largest investment platforms, revealed it will start allowing retail clients to invest in bitcoin.

Read more: Bitcoin has broken its record high yet again

Investors moving into cryptocurrencies are betting on the future of money and the internet, according to Mati Greenspan, senior market analyst at eToro. But it's not just bitcoin reaping the benefits of the boom in cryptocurrencies.

The total market cap for all digital currencies in circulation has surpassed $100bn, a jump of over 500 per cent growth since the beginning of the year.

The price for digital currency Ether, which powers the world's second-largest blockchain, Ethereum, has rocketed more than 3,000 per cent in the year to date, according to Coin Market Cap data. It passed a $300 milestone against the US dollar last week.

Read more: Watch out bitcoin: Ethereum's value is up 1,100 per cent this year

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