Bitcoin breaks 2013 high, tops $1,000 in New Years rally

Bitcoin breaks 2013 high, tops $1,000 in New Years rally
A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo

The infamous crytocurrency bitcoin has topped $1,000 for the first time since December 2013.

(LONDON, UK) Digital currency bitcoin kicked off the new year by jumping above $1,000 for the first time in three years late on Sunday, having outperformed all central-bank-issued currencies with a 125 percent climb in 2016.

Bitcoin - a web-based "cryptocurrency" that has no central authority, relying instead on thousands of computers across the world that validate transactions and add new bitcoins to the system - jumped 2.5 percent to $1,022 on the Europe-based Bitstamp exchange, its highest since December 2013.

Though the digital currency has historically been highly volatile - a tenfold increase in its value in two months in late 2013 took it to above $1,100, before a hack on the Tokyo-based Mt. Gox exchange saw it plunge to under $400 in the following weeks - it has in the past two years been more stable.

Reuters copy, TRUNEWS analysis

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Email: Edward.Szall@trunews.com | Twitter: @EdwardSzall | Facebook: Ed Szall 
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