Bitcoin just scaled another record

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The bitcoin rally knows no bounds.

The cryptocurrency crossed touched $US2,465 and is up 9.1%. That has taken gains so far this month to 81%.

This chart shows the neck craning ascent of Bitcoin.

On Tuesday, the Digital Currency Group said 56 companies around the world and 83% of bitcoin miners supported the “Bitcoin Scaling Agreement.” The document lays out an upgrade that should increase bitcoin’s transaction capacity. The agreement allows more applications to be built on top of the cryptocurrency.

Last week, Business Insider reported that recent gains were likely driven by developments in Japan where Bitcoin is now recognised as legal currency.

Speculation that the US Securities & Exchange Commission (SEC) may overturn its decision to ban the creation of a Bitcoin Exchange Traded Fund (ETF) may also be a factor.

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

There could also be some Chinese connection, according to Jeffrey Gundlach, CEO of DoubleLine Capital, which manages more than $US100 billion.

“Bitcoin up 100% in under 2 months. Shanghai down almost 10% same timeframe, compared to most global stocks up. Probably not a coincidence!” he said in a tweet Tuesday.

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