Bitcoin’s Price Moves Past $11,000 For the First Time in Over a Year

The price of Bitcoin soared over $11,000 on Monday, marking the highest level for the digital currency since March of last year.

Bitcoin is now up over 170% this year so far and according to some experts, Facebook’s cryptocurrency project Libra is a catalyst for bitcoin to go higher.

The price on Monday was a 15-month high for Bitcoin and came just days after Facebook released details on Libra.
The digital coin hit an intraday high of $11,307.69 around 5.30 a.m. HK/SIN Monday, according to Coindesk’s Bitcoin Price Index.

“The price surge is due to two major factors, one is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two Facebook’s Libra cryptocurrency launch has forced every CEO to take crypto seriously,” remarked Jehan Chu to CNBC. Chu is the co-founder of Kenetic Capital, an investor in blockchain start-ups.

With the price of Bitcoin going higher, so have other cryptocurrencies. Ethereum has also more than doubled this year.