The price of cryptocurrency bitcoin has passed its 2016 peak in recent days, with some market commentators taking it as a sign of fears about global growth in 2017.
Bitcoin has hit $807 on Wednesday at just after 11.13 a.m. GMT (6.13 a.m. ET). It is the first time bitcoin has been above $800 this year and represents a fresh peak from June’s high of $775:
The June high came after a spike in the price of the cryptocurrency following Britain’s shock vote to leave the European Union on June 28th.
However, within a month of the $775 high, the price of bitcoin fell bellow $600 again. It began steadily creeping up again in mid-October and has gained momentum in recent weeks.
Mati Greenspan, a senior market analyst at trading platform eToro, says in an email on Wednesday morning:
“If not in the stock markets, the fears are showing up somewhere. It’s been said before that Bitcoin is the new gold. So while gold shows absolutely no sign of acting like a barometer of fear, investors can start to look at this new shiny digital matter for guidance.”