Bitcoin and Ethereum are hitting record highs

Fox Photos/Getty Images)

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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at