In the News: Bitcoin breaks above $1,000 as 2017 kicks off

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Bitcoin extended its record-setting rally in the first trading session of 2017 on Monday, hitting its highest levels since November 2013 amid bullish momentum.

Bitcoin was trading as high as $1,027.18 on the New York-based itBit exchange, before falling back to $1,025.47 by 8:00AM ET (13:00GMT), up around 2.7% on the day.

Other big exchanges such as Bitfinex, Kraken and BitStamp also showed the cryptocurrency topping $1,020 early Monday.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rose 2.7%, to $1,025.23.

Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China rose 2.6% to ¥7,346.32 (approximately $1,057).

The fresh high for Bitcoin has also pushed market capitalization records above $16 billion.

It has risen more than 100% in 2016 amid heavy buying from China and India, as investors look to shield themselves from currency depreciation's and cash crunches.

Analysts say prices of the digital currency look set to test all-time highs of $1,216 in the near-term. Some even expect it to reach price parity with gold later this year amid increasing demand for alternative assets.

Source: https://www.investing.com