The worlds largest cryptocurrency touched a high above 111 000 and was last trading at 111 388. It also topped R2-million for only the second time in history. It was last trading at R1.98-million/coin.
Its ascent was driven by a combination of factors including easing trade tension between the US and China and Moodys downgrade of US sovereign debt, which has prompted investors to seek alternative investment sources to the dollar.
Now that Januarys high has been surpassed and the 50 upside from Aprils lows has been achieved bitcoin enters blue-sky territory with tailwinds in the form of institutional momentum and a favourable US regulatory environment, Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an e-mailed comment.
Bitcoin at times trades in a similar fashion to tech stocks and other assets that rise in value when investor sentiment is high. The tech-heavy Nasdaq is up 30 from its early April low.