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The Value of Bitcoin Has Almost Doubled This Month

May 23, 2017, 12:17 PM UTC

The value of Bitcoin has nearly doubled over the last month, jumping to an all-time high of $2,289.21 on Monday, according to Coindesk.

The cryptocurrency is just short of doubling for the month of May. As of Tuesday morning, Bitcoin was trading around $2,245.21, according to Coindesk. On April 30, the currency was valued at $1,348.65.

It’s been record after record for Bitcoin, which jumped over $2,000 for the first time last week. Monday marked the seventh anniversary of the first recorded real-world transaction of Bitcoin, which at the time was valued at a quarter-of-a-cent.

The surge of the value of the cryptocurrency can be attributed to a number in factors, including Bitcoin’s new legitimacy in countries like Japan and China. In December, the Denmark-based Saxo Bank predicted Bitcoin’s value would increase 165% in 2017. The value has already surpassed the bank’s predictions, which said it would go over $2,100.