The price of bitcoin shot past the $400 mark today for the first time since November 2014.

According to CoinDesk’s USD Bitcoin Price Index (BPI), bitcoin opened the day at $359.35 before increasing over 11% to $403.30 at 17:15pm (UTC). It has since decreased to $401.79 at press time.

The digital currency began the year hovering slightly over $300, before dropping below the $200 mark to $177.28 on 14th January.

coindesk-bpi-chart (2)

Today’s peak price marks a yearly high for bitcoin, which is represents a 10.7% increase in value from its price on 3rd November last year, when it closed the day’s trading at $363.31.

However, bitcoin’s price today marks a stark contrast to its value in November 2013, when it peaked at an all-time high of $1165.89.

It is difficult to determine the specific reasons as to why the price of bitcoin is currently trending upwards, but industry observers recently told CoinDesk that it may be related to China’s tightening of capital controls and a series of positive news for the industry; including the EU’s VAT ruling.

Hot air balloon image via Shutterstock.

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