The price of Bitcoin traded at a new all time high this weekend, before pulling back
Another week and the world’s most popular cryptocurrency, Bitcoin, has hit a new all time high.
On Sunday, the price of Bitcoin rose to above $6,300, eventually setting a new high of $6,345, CoinDesk reported.
By Monday it had pulled back slightly and at the time of publishing was trading at $6,141.
The news comes just over a week after Bitcoin rose past the $6,000 mark for the first time, the first cryptocurrency to do so.
The new high represents a 530 percent increase in the price of Bitcoin so far this year, having climbed from $1,000 since January 1st.
It is not clear if anything specific caused the sudden spike in the price of Bitcoin this weekend.
Analysts have previously said that its price rise this year has in part been driven by Bitcoin and cryptocurrencies in general becoming mainstream, which in turn has fuelled investment.
Last week, PayPal co-founder and early Facebook investor, billionaire Peter Thiel said people are “underestimating Bitcoin” and that it has “great potential”.
Speaking at the Future Investment Initiative in Riyadh, Saudi Arabia, Thiel compared the cryptocurrency bitcoin to gold, AsiaOne reported.
“I’m sceptical of most of them (cryptocurrencies), I do think people are a little bit … underestimating bitcoin especially because … it’s like a reserve form of money, it’s like gold, and it’s just a store of value. You don’t need to use it to make payments,” Thiel said.
“If bitcoin ends up being the cyber equivalent of gold it has a great potential left.”