Bitcoin has risen nearly $2,000 since last week, rising from a record low in January, according the latest report from cryptocurrency analytics firm Coinmarketcap.
In fact, Bitcoin has been trading at a high point since March, according Coinmarketcaps founder and analyst Peter Smith, with the cryptocurrency now trading at around $3,878, or around 2,500 times the $2.25 that it traded at in early January.
In the past few months, the price of Bitcoin has soared as it has rallied from its lows of about $600 in the middle of January, to more than $700 in mid-February, and has then gained some more, peaking at $9,700 last week.
Smith told CNBC that the average Bitcoin price in the last six months is around $1,100, and that there are still a number of factors driving it up, including a surge in interest in cryptocurrency, as well as the increased volatility of Bitcoin, which has also seen the price plunge from its highs of $1.20 in late January to around $900 at the start of March.
In addition, there have been some price drops in recent months, as a result of the Brexit vote, and the election of President Donald Trump in the United States, Smith said.
Smith said that the Bitcoin price is expected to continue rising, and while the cryptocurrency is not immune to the turmoil around the world, he said that it is not a bubble.
Bitcoin is currently trading at $3.878 per Bitcoin, up from around $2 in the beginning of January.