The price of bitcoin (BTC) surpassed $8,750 today, reaching a high not seen in more than a year. The price surge began at 19:00 UTC, increasing in price by nearly 10 percent in an hour.
Since hitting a 2018 price low of $3,112 on December 15, 2018, bitcoin’s price has increased by well over 250 percent.
This latest rally is seen by many as being correlated with EU elections and rumors Deutsche Bank is about to go bankrupt.
The initial surges in price from the beginning of this year have been attributed to many factors, the most popular being the growing trade war between the governments in the US and China, concern about the US federal reserve, and increased adoption from major corporations.