Bitcoin surges as it tops $1,600

(CNNMoney) — The cryptocurrency market surged to a fresh all-time high as the price of bitcoin continued to climb Sunday on Coinbase’s exchange.

Bitcoin was at $1,601.31 on Sunday morning. It reached a high of $1,669.58 and a low of $1,517.32, according to CoinDesk.

Bitcoin’s price has risen nearly 180% in 2017. It ended Friday at $1,420.63 — its highest level in eight months.

The price of bitcoin has surged in recent months on the speculation that regulation could be on the horizon. The virtual currency is unregulated and tightly controlled by a handful of big players. Bitcoin is mainly used for anonymous payment and speculation, but some businesses have begun accepting it.

Bitcoin and rival cryptocurrencies ETH and XRP were largely unaffected by President Trump’s news conference Friday, which sparked volatility across the stock market.

Ethereum, an alternative, reached a record high of $365.38 early Sunday. XRP, another rival cryptocurrency, was at $129.10, up more than 30% from Friday.

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