Bitcoin price surged to a record high on Wednesday, as traders looked to gain access to a more profitable stock market, as data released by the London Stock Exchange revealed an unprecedented rally.
Bitcoin rose above $2,500 (€1,700) to $2.17299 in after-hours trading, up more than 15% from Thursday’s close.
The cryptocurrency’s price has been steadily rising, and now appears to have reached a peak that could be driven by investors’ anticipation of further increases in the price of gold and other metals.
The news that investors are now able to trade in more liquid stocks and currencies, such as gold, bitcoin and the yen, may also help the currency’s price continue to climb.
In addition to gold, Bitcoin has been attracting interest from investors in the past few months.
Investors have been buying into Bitcoin futures contracts, and on Monday, Bitcoin traded at a record $1,838 per coin.
While the price has risen dramatically in recent weeks, the current rally appears to be driven largely by investors looking to buy bitcoin as a hedge against the impact of the ongoing crisis in Greece, which has left more than a million people homeless.
The cryptocurrency has risen in value against the dollar since the end of March, and this week’s rally coincides with a surge in demand from investors.
Bitcoin has surged nearly 10% this week to $1.936, according to CoinMarketCap.
Bitcoin surged above $3,000 on Wednesday for the first time.