Bitcoin’s price managed to cross the $3,000 barrier for a brief period on Sunday afternoon, according to CoinDesk’s Bitcoin Price Index. The coin set a new all-time high of $3,012.05, though the price quickly retreated to the high 2900s. At press time, the currency’s price on Coinbase stands at just below that milestone: $2,998.87.
Many analysts continue to credit the rising interest in altcoins for Bitcoin’s continuing strength, since that coin is the most common entry point for those seeking to journey into the depths of the altcoin market. Few other currencies have direct fiat currency pairings, which means that altcoin traders generally need to purchase Bitcoin before they can trade for their preferred alternatives.
Many altcoins have continued to outpace Bitcoin’s growth, and some observers have suggested that the increased interest in those coins could ensure that the current upward price momentum continues for some time. As CNBC noted earlier today, increased interest from Asian investors has helped the digital currency to maintain its continuing price surge.