Bitcoin Just Hit a New All-Time High

May 11, 2017

The digital currency bitcoin has reached a new all-time high, rising to $1,800 Thursday—surpassing Tuesday's record $1,760.

CNBC reports that bitcoin rose more than $100 in just two days—namely thanks to recent comments from policy makers.

The price of bitcoin was trading at around $1,824 by early morning in London, according to Coindesk's bitcoin price index, which CNBC cites. Since Monday, the market capitalization of bitcoin has risen over $3 billion to a whopping $29.53 billion.

The latest policy maker to credit for bitcoin's price drive was Minneapolis Federal Reserve Bank President Neel Kashkari. According to CNBC, he talked up the potential of blockchain, which is the technology that bolsters the digital currency.

"I think sentiment has shifted in the markets, in the Fed," Kashkari said at a technology conference in Minneapolis, according to Reuters. "I would say I think conventional wisdom now is that blockchain and the underlying technology is probably more interesting and has more potential than maybe bitcoin does by itself."

Overall, the price of bitcoin has risen 81% since the beginning of 2017, according to CNBC.

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