Bitcoin has broken through $4,000

bitcoin price broke through $4,000 per coin for the first time on Sunday and is posting new records on Monday.

Bitcoin has crossed the $4,000 mark at close to 1.00 a.m. on Sunday. It has kept rising on Monday, reaching an all-time high of$4,250 per coin at close to 10.00 a.m. BST on Monday.

The cryptocurrency is up 2.94% to $4,186.37 at 1.25 a.m. BST (8.24 a.m. ET)

Iqbal V. Gandham, UK MD of trading platform eToro, said in an emailed statement: "Bitcoin hitting $4,000 is another milestone in long list of big moments the cryptocurrency has witnessed in recent weeks. Following a fall to$1,800, it has come back strongly and relatively steadily. This is encouraging.

"Furthermore, the ecosystem is also getting stronger. You now have more places to spend Bitcoin, more regulators thinking about the right infrastructure, and more investors learning about the asset. Speculation is rightly moving away from price and focusing on use cases."

Bitcoin has been on an incredible rally this year, up over 300% since the start of the year. The digital currency only passed $3,500 for the first time earlier this month.

Elsewhere in the cryptocurrency space, Bitcoin Cash, the new cryptocurrency that was split off from bitcoin at the start of the month, is also rallying strongly.

Bitcoin Cash is up 2.88% to $307.

Ethereum, the other major cryptocurrency, is rallying too. The digital currency is up 6.68% to $317.49 on Monday morning.

Source :: BusinessInsider