Bitcoin and Ethereum are hitting record highs

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Bitcoin just surged to a new record above $US2,800.

It tops the previous high of $US2,799, with the cryptocurrency reaching a peak earlier today of $US2,854.40.

A short time ago, Bitcoin was trading at $US2,800.20, a gain of just over 4%.

The latest surge shows that speculation in the market shows no signs of abating, after prices for Bitcoin dipped back below $US2,000 at the end of May.

Prices for the world’s second largest cryptocurrency ethereum have also ripped higher, a short time ago up more than 5% to $US256.16:

There are no obvious reasons for the continuing rally. Instead, the price action has seemingly been driven by renewed interest from speculative buyers this week as the frenzy surrounding cryptocurrencies continues.

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