Bitcoin price is just $60 off a new all-time high Tuesday, having surpassed $1100 to rival 2013’s record of $1155.
At press time, the price was hovering around $1110, having managed to stay above the psychological barrier of both $1000 and $1100 without any significant plunge.
Continued support from traders, a strong outlook and more favorable regulations have all helped create a more stable environment for the cryptocurrency in recent months.
Investor confidence has also increased, as Bitcoin proves its resilience to geopolitical factors - especially from China - which previously sent prices surging and tumbling in equal measure.
Nonetheless, the sentiment is increasing about the approval of the first Bitcoin ETF in the US in March. If it goes ahead, commentators say, Bitcoin price could soon find itself well north of $1155 - perhaps by as much as 65 percent.