The price of Bitcoin reached a new high on Wednesday as the world’s largest cryptocurrency traded above $35,000 (€28,448) for the first time.
The value of the digital coin quadrupled in 2020, but has been subject to volatility.
On Wednesday the price of Bitcoin advanced as much as 6 per cent to $35,842, surpassing the previous high set on January 3rd.
It was trading at $34,630 as of 7:50 a.m. in London.
However, it had plunged as much as 17 per cent on Monday, according to Bloomberg.
A number of factors have been cited for Bitcoin’s ascent, suggesting difficulty in pinpointing the cause of the latest bout of volatility.
Some traders have pointed to a JPMorgan Chase & Co long-term price forecast of as much as $146,000, while others cited the overall risk-on mood in global financial markets, Bloomberg said.