Bitcoin prices are up $100 on the day, having already shot past the $1,100 mark.
Markets have risen nearly 10% over the course of the day's trading, according to data from the CoinDesk Bitcoin Price Index (BPI), which hit a high of $1,141 at time of writing before falling back.
With the move, global exchange averages have inched closer to the BPI's all-time high of $1,165.89, set on 30th November, 2013, leaving them roughly $25 below that level.
The digital currency's price appreciated sharply after crossing the $1,100 line, quickly spiking to a high of $1,129.28, before meeting some resistance.
Bitcoin prices will likely face continued resistance as they approach the all-time high, as figures from BFXdata.com show that there are more sell orders than buy orders at many price points between $1,137 and $1,140.
In the last 24 hours, more than 60% of BTC/USD orders on Bitfinex have been buy orders, according to BFXdata. Adding potential resistance, however, is that this figure has now fallen below 50% for the last hour.
CNY-denominated markets are also notably up more than 23% for the day, currently averaging ¥8,219.03 after opening the day at ¥6,686.60. The price is currently at ¥7,293.60, BPI data shows.
Bitcoin prices have surged since the start of the year, building on major gains seen at the close of 2016. Average bitcoin prices across global markets exceeded $1,000 on 1st January and have been edging upwards since.
Image via CoinDesk BPI; Sad dog image via Shuterstock