REPOST: Bitcoin Tops $1,700, Hitting a New All-Time High

Are we entering the golden age of the Bitcoin technology? The rise in value for this cryptocurrency (virtual money) has been staggeringly swift. More insights from TIME Money:

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Bitcoin continues to hit new all-time highs, and this time it has added $1 billion in market cap in less than 24 hours, according to data from CoinDesk.

Bitcoin prices as measured by the site stood at $1,718 as of Tuesday morning. The rise in value for the alternate virtual currency has been staggeringly swift. One year ago at this time, one unit of bitcoin was worth about $450. The value of bitcoin rose to over $1,000 by the end of the year, and then retreated to the low $900s in late March. Since then, prices have nearly doubled and keep breaking record highs, a phenomenal surge not seen since the fall of 2013.

Gold prices, meanwhile, stand at $1,225, which isn’t much different than they were one year ago.

The surge in bitcoin is being driven by a number of factors, according to Charles Bovaird, Lead Markets Writer for CoinDesk.

Some market observers have pointed to macroeconomic uncertainty in regions like Europe, where the fate of the European Union seemed increasingly uncertain leading up to the recent French presidential election, Bovaird explained in an email to Money.

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