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The price of bitcoin continues to climb to new highs, reaching an average of $3,525 across global exchanges today, according to the CoinDesk Bitcoin Price Index.

All told, the price of bitcoin has now climbed 250% since the start of the year, rising from just under $1,000 on January first to its all-time high today.

Year-over-year, the price gains are even more impressive, with bitcoin increasing nearly 600%. The price of bitcoin on August 8, 2016, was roughly $595, according to BPI data.

Whether bitcoin will push higher, however, remains to be seen, as the price did encounter some resistance, later declining to $3,458. The day's opening price was $3,431.

The price surge also coincides with a new all-time high in the wider cryptocurrency markets, as the value of all publicly traded cryptographic assets rose above $120 billion for the first time, up from $116 billion yesterday.

Overall, it appears bitcoin was responsible for much of the upward movement. Data from CoinMarketCap shows the market cap of bitcoin hit $56.8 billion today, up from around $53 billion yesterday.

Other cryptocurrencies have been performing well alongside bitcoin, however, with just two of the top-10 cryptocurrencies (Ripple and Neo) showing 24-hour declines at press time.

Horse jumping image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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