Bitcoin surges to all-time high above $2,300 CAD
Quebex Fintech Inc.
May 10, 2017

Bitcoin’s bullish behaviour continues with the price of a single coin currently sitting at $2,323.86 CAD at 2pm, ET on Wednesday, adding $1 billion in market cap in less than 24 hours, according to data from CoinDesk.

The rise has been staggeringly fast; a year ago a single coin was worth about $600 and rose to over $1300 by the end of the year before retreating to the low $1200s in late March.
Since then, prices have nearly doubled and are breaking records on an almost daily basis.

Bitcoin’s surge is being driven by a number of factors. Some market observers have pointed to macroeconomic uncertainty in Europe, where the fate of the European Union seemed increasingly uncertain following Brexit and leading up to the recent French presidential election.

Other analysts have noted how Bitcoin’s value rose significantly following Japan's decision, last month, to begin recognizing it as a legal method of payment.

"Developments like these help legitimize bitcoin, helping the cryptocurrency further establish itself as a medium of exchange," Bovaird said.

Bitcoin prices are rising alongside a general surge in prices of other cryptocurrencies or ‘altcoins’; CoinDesk reports cryptocurrencies are up 600%, collectively, since March.
Bitcoin has been the best-performing currency every year since 2010, excluding 2014.