Bitcoin set a fresh all-time high on Thursday, after rising almost 6% to $22,584 by 0806 GMT, just a day after smashing the $20,000 milestone for the first time.
The world’s highest profile crypto-currency has gained more than 175% this year, buoyed by demand from larger investors attracted to its potential for quick gains and perceived inflation-hedging qualities.
BTC spiked into new highs on Dec. 16, gaining 10% in one day from $19,140 to $21,340. Dec. 17 has seen BTC extend the rally by a further 4% so far — with the market currently searching for support near $21,800 after posting a local top of $22,160.
While many traders appear to be glued to the Bitcoin charts, Ethereum also pushed into new yearly highs after gaining 8.5% yesterday. Today the price increased to a local top of $656 on BitMEX, with the markets currently hovering half a percent above yesterday’s closing price of $640.