By Stan Higgins
Bitcoin prices hit a high of $1,172.09, according to the CoinDesk Bitcoin Price Index (BPI) – surpassing a level first set more than three years ago in November 2013, when the BPI reported an average price high of $1,165.89.
The move followed a morning of price gains, coming amid the longest period ever in which bitcoin’s value has stayed above $1,000.
Prices first began to inch upward today at 9:00 UTC on Wednesday, with bitcoin prices reaching a high of $1,100, staying above that level since. Today’s price high represents an increase of more than 4% since the start of the day’s trading.
At press time, the average price of bitcoin is $1,170.72, BPI data shows.
A number of factors have buoyed prices – and positive trader sentiment – in recent weeks.
Perhaps most notably, traders have taken a largely bullish tack on the prospects that the US Securities and Exchange Commission (SEC) will approve the first-ever bitcoin ETF. The SEC has a deadline of 11th March to make their final decision, which has already been subject to delays.
The surge past the all-time high also follows a period of uncertainty and change within the global bitcoin market.
January’s defining markets storyline was the growing involvement of the People’s Bank of China, China’s central bank, in the domestic bitcoin exchange space. A warning issued to exchanges led to the imposition of trading fees and, later, withdrawal delays at China’s leading bourses.
That month opened with a push above the $1,000 line, though the days to follow would see a dramatic fall back below that figure.
