Bitcoin breaks above US$35,000 to touch new high

Bitcoin traded above $35,000 for the first time in Asia on Wednesday, rising to a high of $35,879 and extending a rally that has seen the digital currency rise more than 800% since mid-March.

The world’s most popular cryptocurrency crossed $20,000 for the first time ever on December 16, 2020.

Bitcoin set a fresh all-time high for the period of December after rising 6.5% to $22,765 by 0833 GMT, just a day after smashing the US$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.

Smaller coin ethereum which often moves in tandem with bitcoin, was trading 1.75% higher.