Bitcoin went soaring through its $260 roof today, hitting a two-month high for the digital currency.
It’s been picking up speed over the past month, and on Wednesday, 1.29m bitcoin was traded – a nine-month-high according to CoinDesk. It briefly hit a high of over $260, before falling back down to trade at $259.
Analysts have suggested that this latest surge is explained by a weak US dollar, as Sarah Jenn of NewsBTC wrote:
Bitcoin price has been on a tear against the US dollar these days, as the virtual currency is taking advantage of the Greenback’s weakness stemming from bleak economic data.
The currency was pushed up over the summer by Greeks rushing to buy bitcoin as the country’s financial future hung in the balance. Surging to close to $300 in late June, Bitcoin fell back down again in mid-August.
The volatile cryptocurrency once traded at over $1,100, at the height of hype in November 2013. Since then, however, it’s dropped by over 75 per cent.