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Bitcoin rally keeps going; tops $2,200

Bitcoin cleared the $2,200-level for the first time on Tuesday to hit yet another all-time high, as a monster rally continues amid bullish noises around the future of the cryptocurrency.

Bitcoin rose to a daily peak of $2,209.79 on the New York-based itBit exchange at one point, its highest on record. It was last at $2,168.00 by 5:00AM ET (09:00GMT), up about 3% on the day.

Other big exchanges such as Poloniex, BTC-e, Bitfinex, Kraken and BitStamp also showed the cryptocurrency rising above the $2,200-level early Tuesday.

Prices are up almost 60% so far in May. Since the start of the year, the price of bitcoin has soared roughly 124%, taking the total value of the cryptocurrency in circulation to around $37 billion.

Recent gains were likely driven by soaring demand in Asia, most notably Japan and China.

Buyers have also been piling into the digital currency amid speculation that the U.S. Securities & Exchange Commission may overturn its decision to ban the creation of a Bitcoin Exchange Traded Fund.

The SEC has stated that it would accept public comments on the subject until May 15, but it’s yet to make a final decision.

An approved ETF would make bitcoin investing simple for small traders and institutions.

Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

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