Bitcoin is rallying for an 8th straight day

Bitcoin is on track for an eighth straight day of gains as it trades higher by 1.4% at $1,026 per coin as of 7:28 a.m. ET.

The cryptocurrency ‘s winning streak comes amid wild start to 2017. Bitcoin rallied 20% in the opening days of the year, adding to its 120% gain in 2016 that made it the top performing currency for a second straight year. The gains ran bitcoin above the $1,000 level for the first time since November 2013.

However, concerns that China was going to start cracking down on trading sparked a 35% plunge over a matter of days. But trade managed to bottom out near $750 and shrug off news that China’s three largest bitcoin exchanges were going to charge a flat fee of 0.2% per transaction.

The current winning streak has tacked on nearly 15% and has bitcoin taking a run at the January high near $1,161.

NOW WATCH: Here’s how to use one of the many apps to buy and trade bitcoin

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.