The price of one bitcoin traded as high as $1,137 back in November 2013. After trading between $200 and $400 for much of 2014 and 2015, the digital currency realized strong momentum in the bottom half of 2016.
It took more than three years to eclipse the 2013's high, but on Wednesday, the price of one bitcoin reached as much as $1,140.64, according to data compiled by Bloomberg.
The price of one bitcoin is now higher by 95 percent since the beginning of September and up just shy of 125 percent throughout the entire 2016.
Bloomberg cited the rise in bitcoin to capital or currency restrictions in various countries across the world, most notably China, India and Venezuela.
In fact, Business Insider found that in the first 24 hours of 2017, more than 5 million bitcoins were acquired in Chinese yuan compared to just 53,000 bitcoins bought in U.S. dollars.
"Unlike the exponential adoption that propelled the price of Bitcoin in 2013, the current ascent was driven by a more gradual adoption over the last three years, mostly in China and other countries that have capital or currency restrictions," Gil Luria, an analyst at Wedbush Securities, told Bloomberg.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.