Cryptocurrency Bitcoin breaks new record by surpassing $3,550

The price of bitcoin across global exchanges reached more than $3,500, a new all-time high.

Just a few days ago, the cryptocurrency broke records as it passed $3,400. Today it was trading around $3550.

The uptick made one bitcoin worth around £2,730.

While global markets have proved to be volatile this week, cryptocurrencies have remained steady. Bitcoin managed to inch up as the dollar sank against the euro after US inflation missed expectations.

But the rising price is also a reflection of improving public sentiment toward Bitcoin, which has previously suffered from its association with online crime.

One US-based analyst has even made a prediction that Bitcoin will hit $5,000 in 2018. Ronnie Moas of Standpoint Research argues that cryptocurrencies are likely to become a mainstream investment alongside gold and bonds.

Today’s milestone marks a recovery from a dip in Bitcoin’s value earlier this month after it split in two with the launch of Bitcoin Cash. The fork in the Bitcoin ledger was created to overcome some of Bitcoin’s transaction speed problems, as the data limit on Bitcoin “blocks” meant some users were waiting days to get transactions confirmed.

Read more: Initial Coin Offerings: Are they a solution to Bitcoin woes?

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